Technical outlook:
EURUSD has yet again slipped to an intraday low around 1.1280-85 levels at the time of writing. The single currency pair is quickly approaching a potentially strong support zone at 1.1250-80. High probability remains for bulls to come back strong from here and push through 1.1500 and 1.1700 mark in the next few trading sessions.
EURUSD has dropped to the Fibonacci 0.618 retracement of the previous upswing between 1.1186 and 1.1486 levels respectively. A bullish reversal here could be very sharp provided 1.1186 interim support holds well. Also note that RSI on smaller timeframes are beginning to show bullish divergences, which could be potential revesal.
EURUSD bulls would be targeting 1.1700 level, which is the net resistance on the daily chart presented. Furthermore, prices would also break above the trend line resistance and trade into the buy zone indicating further upside above 1.1486 mark. Watch out for a bullish reversal pattern soon from current levels.
Trading plan:
Potential rally through 1.1700 against 1.1150
Good luck!
