Technical outlook:
EURUSD might have carved a meaningful bottom around 1.1186 low on Wednesday or it could carve a bottom soon. The single currency pair has bounced off higher through 1.1225-30 zone at the time of writing and might continue higher. Bulls have been successful to defend support around 1.1160 mark as highlighted on the daily chart for now.
Immediate price resistance is seen around 1.1385 while support is at 1.1160 levels respectively on the daily chart. A break above 1.1385 will confirm that bulls are back in control and are poised to target 1.1700 resistance. High probability remains for a bullish trend reversal from here since it is around the Fibonacci 0.618 retracement of the entire rally between 1.0636 and 1.2350.
The overall structure continues to remain bullish until prices stay above 1.1000 mark,which is fibonacci 0.786 retracement of the above rally. A bullish reversal candlestick pattern here, will be much encouraging to push prices higher.
Trading plan:
Potential to rally through 1.2350, against 1.1100-1.1150
Good luck!
