Technical outlook:

EUR/USD could be preparing for one more drop towards 1.1030 levels before finding support to resume a rally. The recent boundary that could be worked upon is between 1.0981 and 1.1116 respectively. Besides, note that the fibonacci 0.618 retracement of the above-said boundary is seen around 1.1030, and hence a bullish bounce can be expected. The overall structure for EUR/USD remains constructive for bulls to resume higher towards at least 1.1500, going forward. It is highly probable that 1.1030 levels would provide the necessary support required for resuming a rally. The bottomline is that 1.0981 interim support should remain intact for the above structure to unfold. On the flip side, if prices drop below 1.0981 levels, the next major support comes in at 1,0940 as we have been discussing this probability for several trading sessions. Please be prepared to buy on dips through 1.1030 and 1.0940 levels, if prices manage to reach there as a result of a complex corrective drop.

Trading plan:

Remain long against 1.0879, the target is above 1.1500

Good luck!