Technical outlook:
EURUSD rallied through 1.1375 levels early Wednesday before pulling back. The single currency is seen to be trading close to 1.1360 levels at this point in writing and could further decline through 1.1330-40 zone before finding support. Potential also remains for a drop below 1.1270 mark before the rally could resume through 1.1400 levels.
EURUSD is trading close to its upper range of consolidation for now and a push above 1.1400 from here could trigger a bullish breakout. In that case bulls will remain poised to push through 1.1500 and 1.1700 mark in the near future. On the flip side, a drop below 1.1330 will open the door to test support around 1.1250-70 zone before resuming rally.
Either way, EURUSD remains good to be bought on dips as bias continues to remain bullish. Only a break below 1.1186 will bring back bears into play as they would be poised to drag further through 1.1160. Watch out for a corrective drop from here before the final breakout rally above 1.1400 mark.
Trading plan:
Potential rally through 1.1500 and 1.1700 against 1.1150.
Good luck!
