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Technical outlook:
EUR/USD is drifting/consolidating its previous gains and is seen to be trading around 1.1000 levels at this point in writing. The single currency pair is expected to find support around 1.0950/90 levels, before resuming its rally. The near term target for EUR/USD is seen above 1.1500, which is immediate price resistance as well. A break higher would confirm that medium to long term trend has turned bullish with risk at 1.0630 levels. As discussed yesterday, also note that an engulfing bullish candlestick pattern has appeared on a weekly chart. This also indicated a potential bullish reversal ahead. Overall structure is expected to remain bullish until price stay above 1.0636 support. Aggressive traders may want to buy at current levels with risk below 1.0636 and immediate price targets above 1.1500. A more safe approach is to remain flat for now and allow price action to break above 1.1500; then buy on dips.
Trading plan:
Aggressive: Long now @ 1.1090, stop @ 1.0630 target above 1.1500
Good luck!
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