Technical outlook:
EURUSD found support at 1.1800 on Tuesday and pulled back to 1.1830 in the past hour. The currency pair is trading within a range between 1.1770 and 1.1850 since early this week and need to break on either side to confirm the next move. It is still possible for bears to drag through 1.1750-60 mark before resuming its rally.
Structurally, EURUSD is within a counter trend rally towards 1.2050 levels and it has carved its first wave between 1.1660 and 1.1900 in August. Since then it has been retracing as bears take control for a while. The retracement is either complete at 1.1770 or could terminate around 1.1750-60 zone. The pair is expected to push through 1.2050 mark thereafter.
EURUSD is facing immediate resistance at 1.1908, while support is seen around 1.1660 levels respectively. High probability remain for a rally to resume towards 1.2050 soon. Also note that 1.2050 is Fibonacci 0.618 retracement of earlier drop betwn 1.2266 and 1.1660 respectively. Bears are looking poised to be back in control thereafter.
Trading plan:
Potential rally towards 1.2050 against 1.1660.
Good luck!
