Technical outlook:
EUR/USD seems set to continue its rally toward the 1.1950-1.2000 mark in the next few weeks. The bottom line for bulls to remain in control is 1.1524 intermediate low. The single currency is retracing lower at the time of writing and could find support ahead or around 1.1580. The next leg higher should target 1.1750 and 1.1900 levels.
EURUSD had carved a religious uptrend between 1.0636 and 1.2350 March 2020 and January 2021. The subsequent drop was corrective as expected and terminated just above Fibonacci 0.50 retracement of the earlier rally. If the corrective rally is complete, the next move could push prices above 1.2350 mark in the coming weeks.
In the medium term though, EURUSD is expected to push through 1.1900-1.2000 levels at least. Immediate price support is seen at 1.1524, while resistance comes in around 1.1750, followed by 1.1900 and higher respectively. A push above 1.1750 is likely to accelerate further as bulls remain poised to stay in control as long as 1.1524 remains intact.
Trading plan:
Potential rally towards 1.1950 against 1.1450
Good luck!
