Technical outlook:
EURUSD has extended its rally today pushing through 1.1974 levels before finding some resistance. Also note that it has reached the fibonacci 0.50 retracement of recent drop between 1.2242 and 1.1700 levels respectively. Further, it remains just a few pips away from the resistance at 1.1985 levels. If prices do not reverse from here, it is possible to push through 1.2030 levels going further.
EURUSD is seen to be trading around 1.1958 levels at this point in writing, pulling back from the day's high around 1.1975 mark. Immediate price resistance stands at 1.1985 mark, while short term support is seen at 1.1880 levels respectively. A break below 1.1880 is required to confirm a meaningful top is in place at 1.1975 today.
The overall trend might have turned lower since 1.2350 highs but intermediary trend remains up. EURO might produce a corrective drop before resuming its rally towards 1.2030/50 levels in the next few weeks. It would be interesting to see how prices react around 1.1985/1.2000 levels which is just a few pips away from now.
Trading plan:
Remain short, add more @ 1.2030/50, stop @ 1.2250, target is 1.1600 and further.
Good luck!
