Technical outlook:

EUR/USD has been drifting within a tight range between 1.0500 and 1.0540 for the last two trading sessions. The pair is seen to be trading around 1.0530 levels at this point in writing and is expected to break higher towards 1.1100 soon. Bulls will have to hold prices above the 1.0350 mark to remain in control from here.

EUR/USD is broadly within a corrective phase (higher) since printing lows around 1.0349 in May 2022. Furthermore, it has also managed to carve a higher low around the 1.0359 mark on June 15, 2022. Structurally, bulls should remain in control from here and push prices through 1.0786 in the near term.

EUR/USD has been retracing its larger degree downswing between 1.2266 and 1.0349. Ideally, the retracement is expected to terminate close to the 1.1000 mark, which is the Fibonacci 0.382 level of the above drop. Traders might be preparing to initiate fresh long positions close to 1.0500 levels going forward.

Trading plan:

Potential rally through 1.1100 against 1.0300

Good luck!