Technical outlook and chart setups:
The EUR/USD pair might have just completed its first leg down formation, which had begun from 1.1480/90 earlier, around 1.0900 levels today. The pair seems to correct higher from current levels before it could resume its downtrend towards parity levels against the greenback. Please note that the pair is forming an bullish morning star candlestick pattern on the H4 chart at the moment. It is therefore recommended to build 50% long positions with risk below today’s low in an aggressive trade setup. A more conservative way would be to remain flat and wait for further evidence of a counter trend rally. Immediate support is seen at 1.0900, while resistance is seen at 1.1100.
Remain flat or aggressively long with stop below today’s low.
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