Technical outlook:
EURUSD pushed through 1.1395 high on Wednesdy before pulling back. The single currency might push through 1.1400-10 handle intraday before finding resistance and reverse lower. Bears might be inclined to drag prices lower towards the 1.1250 mark until the intermediary resistance stays intact around 1.1500 level.
EURUSD has already confirmed its move higher after having carved a meaningful boundary between 1.1120 and 1.1500 over the last two weeks. Furthermore, the previous resistance at 1.1500 has also been taken out as bulls register themselves. Prices might be producing a gartley corrective structure before resuming its rally.
Also note that 1.1250 levels is close to the Fibonacci 0.618 retracement of the recent upswing. Hence probabilities remain high for a bullish turn if prices manage to reach there. A potential inverted Head and Shoulder is in the making and 1.1120 lows shall not be seen for a long time going forward.
Trading plan:
Potential drop through 1.1250 then rally toward 1.1700 and 1.2000
Good luck!
