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Technical outlook:
The EUR/USD pair consolidated for now with one more leg seen on the lower side towards at least 1.1000 before the rally could resume. Please note that prices are around its first fibonacci convergence close to 1.1035 levels at this point of writing. A drop below 1.0995 could test the next fibonacci convergence seen around 1.0940/50 levels before bulls regain control. The latest resistance turned into support coming in around 1.0990/1.1000 levels, so we can expect a termination of the corrective drop there. Please note that the boundary being worked upon is between 1.0879 and 1.1180 levels and a fibonacci 0.618 retracement at 1.0995 levels would be seen as the greenlight for further bullish setup. At the same time, please note that the correction may continue until 1.0940 levels as well, which is the 0.786 retracement. Only a consistent drop below 1.0940 could pose a threat to the above bullish setup. From the trading point of view, it is still a safe strategy to buy on dips.
Trading plan:
Long against 1.0879, buy more towards 1.1000 levels, target is above 1.1500.
Good luck!
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