Technical outlook:
EURUSD is still correcting lower after hitting the 1.1640 mark on Monday. The pair had dropped to 1.1580 on Tuesday as expected. It is also around the Fibonacci 0.618 retracement of the recent rally between 1.1562 and 1.1640 respectively (not shown here). The probability remains for another shallow low below the 1.1580 mark before reversing higher again.
EURUSD bulls are looking poised to continue higher towards 1.1900, which is a meaningful resistance. Immediate price support is around 1.1560, while resistance is at 1.1750, followed by 1.1850 and higher respectively. The November 2020 support has been taken out at the 1.1600 mark and hence a corrective pullback should be due any moment.
EURUSD is seen to b trading around the 1.1590 mark and could be preparing to turn higher to 1.1750 soon. Only a drop below 1.1560 will delay matters for bulls to be back in control.
Trading plan:
Potential rally towards 1.1900-1.2000, against 1.1550
Good luck!
