Technical outlook:
EURUSD has stalled its rally just below the 1.1500 level. The single currency pair has drifted sideways in a range since last 24 hours as possibility remains for yet another push higher. Bears are looking inclined to be back in control from 1.1480-1.1500 range. The next move is expected to be lower towards 1.1250-60 zone, before its rally resumes.
EURUSD has carved a major bottom around 1.1120 mark and rallied over 350 pips to take out initial resistance around 1.1480-1.1500 mark over the last week. Bulls have already registered themselves indicating further upside in the coming weeks. They would like to pullback and take a break in the near term though, before resuming higher again.
The current upswing being worked upon is between 1.1120 and 1.1483 levels and fibonacci 0.618 retracement is near 1.1250 mark (not shown here). High probability remains for EURO to produce a bullish reversal if prices manage to drop there. The larger uptrend remains intact until prices stay above 1.1120 and potential target remains through 1.1700-1.2000 zone.
Trading plan:
Potential rally through 1.1700 against 1.1100
Good luck!
