Technical outlook:
EURUSD pushed higher again through 1.1245 levels, off the lows on Monday. The single currency is trading around 1.1220 levels at the time of writing and is expected to correct lower toward 1.1170 before resuming higher again. Bulls will remain inclined to hold prices above 1.1108 levels going forward and stay in control.
EURUSD is now targeting above 1.1500 mark in the near term. This would confirm that bulls have asserted strength and are back in control. We can expect a meaningful pullback thereafter before the rally resumes through 1.1700 and 1.2000 levels. On the flip side, possibility remains for another shallow low below 1.1108 before finding support again.
EURUSD's larger wave structure continues to remain constructive for bulls until prices stay above 1.1000 mark. It is the Fibonacci 0.786 retracement of the entire rally between 1.0636 and 1.2350 levels. Potential remains for a rally through 1.1700 and 1.2350 if bulls are able to hold prices higher.
Trading plan:
Potential rally through 1.1500, 1,1700 and higher against 1.1100
Good luck!
