Technical outlook:

EUR/USD continues to retrace lower and has dropped up to fibonacci 50% of the recent upswing between 1.0745 and 1.1150 respectively. We have again brought up the weekly chart setup to have a larger picture as we move into a new series from today. Please note that the drop is still corrective and a bullish turn is expected to be underway towards 1.1500 resistance. Also note that the Engulfing Bullish candlestick pattern is confirming a potential change in trend until prices stay above 1.0636 levels. Trading point of view, it is good to remain long and also add further around current levels (1.0940) with risk at 1.0636 respectively. The overall structure seems to be constructive for bulls since the drop between 1.2555 and 1.0636 is corrective. A break above 1.1500 levels would confirm that the longer term trend has turned higher.

Trading plan:

Remain long stop @ 1.0636, target is 1.1500 and above

Good luck!