Technical outlook:
EURUSD has bounced off yesterday's lows registered around 1.1700/04 and bulls managed to print intraday highs around 1.1760 before pulling back lower again. It might be unfolding a Morning Star bullish reversal candlestick pattern on the daily chart and if successful, bulls would remain inclined to take control back. EURO could reach 1.2030 or up to 1.2100 levels in the next few weeks.
EURUSD is seen to be trading around 1.1741 levels at this point in writing and probabilities remain for a continued push higher. Immediate interim support is just below 1.1700; while resistance comes around 1.1980, followed by 1.2242 levels respectively. Also note that bullish bounce has come from fibonacci 0.382 retracement of the entire rally between 1.0636 and 1.2350 levels respectively.
Structurally, EURUSD might have at least found an interim support after dropping lower since January 06, 2021 high at 1.2350 levels. A meaningful corrective rally might unfold, pushing prices through 1.2030 and 1.2100 levels respectively. A push above 1.1820 will confirm that bulls are back in control.
Trading plan:
Remain long now, stop @ 1.1600, target @ 1.2030 at least
Good luck!
