Technical outlook:
EURUSD has consolidated within 1.1230-1.1350 range since November 30. The currency pair dropped to its lower range on Friday before pulling back. Bulls might be looking to come back strong from here and push through 1.1340-50 at least. A breakout from the range will quickly see prices toward 1.1500 and 1.1700 levels respectively.
EURUSD has been working on its recent upswing between 1.1186 and 1.1383 levels. It has dropped through the Fibonacci 0.786 retracement around 1.1222 mark already. The extensions of above boundary are now pointing towards 1.1450 and 1.1500 in the near term. Interim support is at 1.1186, while resistance is around 1.1690-1.1700 range.
The overall structure also remains bullish with EURUSD bouncing off the fibonacci 0.618 retracement of the entire rally between 1.0636 and 1.2350 levels. The next leg higher should ideally push through 1.2350 mark in the next several weeks. On the flip side, a consistent break below1.1186 would bring back bears in control.
Trading plan:
Potential rally towards 1.1500 and 1.1690 against 1.1150.
Good luck!
