Technical outlook:
EURUSD has again slipped below the 1.1300 handle reaching potential support zone around 1.1260-70 at the time of writing. The single currency might be preparing to break above 1.1383 mark soon. Bottom line remains 1.1186 low, which should hold well for bulls to stay in control. Intraday support is seen around 1.1260-65 mark as prices retrace.
EURUSD has carved a meaningful boundary between 1.1186 and 1.1383 levels during November last week. Prices are consolidating within the boundary since then. Immediate interim support is at 1.1227, followed by 1.1186 while short term resistance is at 1.1354, followed by 1.1383 respectively. A push above 1.1383 will be encouraging for bulls as they prepare for the next resistance around 1.1690.
On the flip side, a drop below 1.1186 would confirm that bears are still inclined to test 1.1160 and 1.1100 mark before finding support again. EURUSD bulls remain determined for now to hold above 1.1186 interim support keeping bullish bias intact.
Trading plan:
Potential rally toward 1.1690, against 1.1186.
Good luck!
