Technical outlook:
EURUSD has finally rallied through 1.1340-45 zone after carving a potential higher low around 1.1234 mark. The single currency pair has carved an intraday low around 1.1310 levels and is now looking to push higher toward 1.1365 before finding resistance again. Bulls remain poised to hold above 1.1310 near term and print yet another high before giving in to bears.
EURUSD's smaller wave structure is indicating a potential rally towards 1.1500 in the near term. Prices should stay above 1.1186 interim lows to keep the above bullish structure intact. A push above 1.1383 will accelerate further towards 1.1500 and 1.1700 levels with respect to price action. Only a drop below 1.1186 will keep bears interested to test below 1.1000 levels.
The overall structure in EURUSD is also looking constructive as bulls have managed to come back strong from the Fibonacci 0.618 retracement of its previous rally between 1.0636 and 1.2350 levels respectively. Potential remains for a push through 1.2350 levels in the next several weeks against 1.1186 mark.
Trading plan:
Potential rally through 1.1500 and 1.1700 against 1.1186
Good luck!
