Technical outlook:
EUR/USD has pulled back towards the 1.1720-25 mark after rallying through the 1.1748 high on Tuesday. The currency pair might have retraced the recent upswing between the 1.1700 and 1.1748 levels. It could rise higher from this level. Bulls are poised to push the pair to the 1.2030-50 zone, which is also Fibonacci 0.618 retracement of the entire drop between 1.2266 and 1.1660 respectively.
EUR/USD is seen to be trading close to the 1.1725 mark at this point in writing. It is expected to resume higher from the current level. Immediate support is at 1.1660, while resistance is seen near the 1.1850 level respectively. A break above 1.1850 would open door to push further toward 1.1900 as bulls regain control.
The pair is unfolding a counter-trend rally toward the 1.2030-50 zone before reversing again. The overall structure remains bearish against 1.2350, while the immediate outlook is bullish against 1.1660 respectively. A break below 1.1660 will confirm that EUR/USD is heading straight to 1.1300 and that pullback is complete around the 1.1900 handle.
Trading plan:
Potential rally to 1.2030-50 against 1.1660.
Good luck!
