Technical outlook:
EURUSD is preparing to drop lower towards 1.1730 levels in the next few days, before resuming its rally towards 1.2030 as expected. The medium trend still remains bullish except the fact that the currency pair need to find some fibonacci support around 1.1730 mark. A consistent break above 1.1745 will confirm that trend remain pointed higher.
EURUSD is seen to be trading around 1.1816 levels at the time of writing and is expected to produce a counter trend before bulls are back in action. Immediate resistance is seen around 1.1900/20, while support is at 1.1660 level respectively. The currency pair is set to offer trading opportunities on both sides.
The overall trend remain pointed lower toward 1.1300 in the next few weeks time. Intermediate trend is higher towards 1.2050 and the immediate short term movement is expected to be lower as highlighted by arrows on the above chart.
Trading plan:
Potential rally towards 1.2050, against 1.1650.
Good luck!
