Technical outlook:
EURUSD has rallied through 1.1343 in the past hour after dropping to 1.1290 lows on Thursday. The currency pair might be looking to push through 1.1360-70 zone intraday, before finding resistance. A consistent push through 1.1383 would be considered as breakout as bulls remain poised to push further towards 1.1500 and 1.1700 levels.
EURUSD has retraced its recent upswing between 1.1186 and 1.1383 in the past week. The currency dropped through fibonacci 0.786 levels of above drop and bounced back. Ideally, bulls should remain in control until prices remain above 1.1222 mark going forward. Also note that the near term targets could be pointing towards 1.1500 at least.
On the flip side, if prices turn lower from here and break below 1.1186, it could further open the door for a test of 1.1000 mark. A bullish bounce there could bring back bulls into play as they attempt to regain 1.1400 handle. Immediate resistance on the daily chart is now seen at 1.1690, while support comes around 1.1160.
Trading plan:
Potential rally through 1.1500 against 1.1150
Good luck!
