Technical outlook:
EURUSD has pushed through 1.1040 levels intraday today and is pulling back a bit at the time of writing. A Morning Star candlestick pattern looks complete after printing a higher low around 1.0900 mark early this week. Ideally, the single currency pair should produce an extended rally towards 1.1500 and higher in the next several weeks.
On the flip side, EURO might be unfolding a more complex corrective structure since 1.1120 high. If correct, prices might drop one more time below 1.0900 mark before completing its corrective phase. Either way, probabilities remain for a push higher towards 1.1500 mark in the next leg up. A break above resistance around 1.1500 will confirm that bulls are back in complete control.
EURUSD is currently working upon its lower degree upswing between 1.0800 and 1.1120 levels respectively. The corrective drop has reached its fibonacci 0.618 level of the above rally and bounced off. If bulls are able to hold prices above 1.0900, we can expect a strong rally from here in the near term.
Trading plan:
Potential rally towards 1.1500 against 1.0700
Good luck!
