EURUSD continued its drop and registered lows around the 1.0395 mark on Tuesday before finding some bids. The single European currency is seen to be trading close to the 1.0435 level at this point of writing and is expected to resume its rally. Bulls will be inclined to hold prices above the 1.0350 mark to keep the near-term structure intact.
EURUSD is still depicting a bullish outlook with its first lower degree upswing between 1.0350 and 1.0786 still intact. The pullback has slipped just below its fibonacci 0.786 retracement but the structure remains constructive until 1.0350 remains intact. Ideally, prices should soon produce a sharp rally from the current levels.
The overall boundary, which is being worked upon, is found between the 1.2266 and 1.0350 levels respectively. Prices are expected to reach at least the Fibonacci 0.382 retracement, which is seen across the 1.1100 mark as projected on the daily chart. A break above 1.0520-30 will confirm that a meaningful bottom is in place.
Trading plan:Potential rally toward 1.1100 against 1.0300
Good luck!