Technical outlook:
EURUSD has been pushing higher since last two trading sessions and has managed to hit intraday highs close to 1.1700 levels. The single currency pair is seen to be trading around 1.1683 levels and is expected to turn lower from here or from 1.1720 levels. The short term target for bears might be seen towards 1.1500 levels, which is fibonacci 0.382 retracement of the entire rally between 1.0636 and 1.2010 as highlighted here on the daily chart. Immediate resistance is seen towards 1.1720 while support is around 1.1600 levels respectively. A break below 1.1600 will confirm that bears are inclined to drop towards 1.1500 at least, before EURUSD could produce a meaningful pullback rally. On the flip side, if EURUSD bulls manage to push higher, they might face resistance around 1.1800/50 mark. Overall structure continues to remain bearish until prices hold below 1.2010.
Trading plan:
Remain short, stop above 1.2010, target is open.
Good luck!
