EURUSD is preparing to resume its rally towards 1.2350 and higher in the next several weeks. The currency pair has tested its Friday low at 1.1250 and bounced back through 1.1280-90 zone. It is seen to be trading around 1.1280 at the time of writing as bulls prepare to be back in control anytime soon.
EURUSD larger wave structure looks constructive for further gains in the near term. The previous upswing was between 1.0636 and 1.2350 levels respectively. It has been retraced to the Fibonacci 0.618 levels around 1.1300 mark, which is potential support. Also the past resistance turned support zone is between 1.1250 and 1.1300 levels.
Probability remains high for a bullish turn from current levels and a push through 1.1324 will further confirm. Immediate price resistance on the daily chart is around 1.1700-10 and a break there will confirm a trend reversal, going forward.Only a consistent drop below 1.1250 will delay matters further.
Potential rally towards 1.2350 against 1.1200.