Technical outlook:
EURUSD had dropped to 1.1535 lows on Friday, before finding some support. The bullish scenario still remains intact until price stays above 1.1524 interim support. A push above 1.1640-50, the Fibonacci 0.786 retracement of recent drop between 1.1693 and 1.1535, will confirm further push above 1.1750 level. On the flip side, a drop below 1.1524 will delay matters further.
EURUSD faces immediate price resistance around 1.1750, followed by 1.1850 and higher; while support is at 1.1524 level respectively. The structure still favors bulls as they prepare to push through 1.1950-1.2000 zone. Also note that 1.1950-1.2000 is the Fibonacci 0.618 retracement of recent drop between 1.2350 and 1.1524 level respectively.
The overall wave structure from 1.2350 high through 1.1524 looks corrective, which has found support around fibonacci 0.50 retracement of the earlier rally between 1.0636 and 1.2350 mark respectively. If the above structure holds well, EURO bulls would be back in control soon and push through 1.1950 and higher.
Trading plan:
Potential rally toward 1.1950 against 1.1450.
Good luck!
