Technical outlook:
EURUSD had dropped to 1.1750, the Fibonacci 0.618 retracement of the recent rally between 1.1660 and 1.1900, yesterday before finding support. The currency might drop one last time towards 1.1737 before resuming rally but bulls are now looking poised to push higher to 1.2050 mark. The corrective drop, which had begun from 1.1900 mark, looks complete now.
EURUSD is seen to be trading around 1.1780 levels at this point in writing and might be preparing to turn bullish against 1.1750. Immeiate resistance is at 1.1850, while support comes in around 1.1660 mark respectively. A push through 1.1850 will confirm that trend has turned bullish and that prices would stay above 1.1660 mark.
Overall wave structure remains bearish towards 1.1300 mark, but the intermediate outlook remains bullish towards 1.2050 against 1.1660. The counter trend rally will be complete around 1.2050 for bears to take control back.
Trading plan:
Potential to rally towards 1.2050 against 1.1600.
Good luck!
