Technical outlook:
EUR/USD has been drifting sideways for the last two trading sessions between 1.1610 and 1.1660. The single currency might drop towards the 1.1580 mark before finding support. Bulls are looking poised to regain control soon and push the price through 1.1750 to go further. EUR/USD may also reach the 1.1950-1.2000 zone in the next several weeks.
EUR/USD is still working upon the recent upswing between 1.1524 and 1.1670. The above-mentioned boundary could be retraced to its Fibonacci 0.618 level, which is seen at 1.1578-80 . The currency pair could resume its rally, taking on the next resistance at 1.1750, 1.1850 and 1.1900.
After producing a strong uptrend since March 2020, between 1.0636 and 1.2350, EUR/USD showed a corrective drop. Please note that the drop reached Fibonacci 0.50 retracement of the entire rally and might finish. In that case, bulls of the euro may remain much inclined to move above the 1.2350 level in the next few weeks.
Trading plan:
Potential rally towards 1.1950 against 1.1450.
Good luck!
