Technical outlook:
EURUSD is progressing higher after printing 1.1535 higher low on Friday. The immediate short-term target is around 1.1640 mark from here. The single currency is expected to produce a meaningful pullback thereafter. Bulls are looking poised to be back in control from 1.1590 level and push through 1.1640-50 in the next few hours.
EURUSD remains bullish looking at the larger wave structure. Bulls have carved a meaningful upswing between March 2020 lows around 1.0636 and 1.2350 high, which was registered on January 6, 2021. Furthermore, the above rally was retraced to fibonacci 0.50 levels around 1.1524 in October 2021. If the corrective drop is complete, the ext leg higher should push prices above 1.2350 levels.
The pair is facing immediate resistance at 1.1750, followed by 1.1850 and 1.1900, while support is seen around 1.1500-24 zone. Prices must stay above 1.1524 to keep the bullish structure intact. A break below 1.1524 will open the door to test 1.1450 before bulls are back in control. Watch out for a push through 1.1640 to confirm further upside.
Trading plan:
Potential rally towards 1.1950 against 1.1450.
Good luck!
