Technical outlook:
EURUSD dropped to intraday lows around 1.1265 in the past few hours before finding support. The currency pair has pulled back through 1.1285 since then as bulls remain poised to hold 1.1222 interim lows. Prices still remain within a broad range and need to push above 1.1340-50 mark to confirm a bullish breakout. We can expect prices to accelerate towards 1.1500 levels thereafter.
EURUSD is still within the recent upswing caved between 1.1186 and 1.1383 levels early this month. The consolidation range has found support at the Fibonacci 0.786 retracement around 1.1222 mark over the last week. Bulls are now looking inclined to push through 1.1500 at least to complete the structure.
EURUSD remains constructive for bulls looking at the larger wave structure as well. The currency has found support from just below the Fibonacci 0.618 retracement around 1.1186 levels on November 30. Please note that potential remains for a push through 1.2350 and higher in the next several weeks.
Trading plan:
Potential rally through 1.1500 and 1.1700 against 1.1186
Good lick!
