Technical outlook:
EURUSD rallied through new swing highs around 1.1125-30 mark before pulling back. The single currency pair is seen to be trading around 1.1075 levels at this point in time and is expected to find intraday support around 1.1050-60 zone. Bulls are expected to remain in control near term and push prices through 1.1200 at least before pulling back.
EURUSD is producing a Morning Star candlestick pattern on the Weekly chart, which is not seen here. High probability remains for a change in the trend from here and push through 1.2200 mark at least in the next several weeks. The first resistance is seen around 1.1500 levels and a push higher will confirm that bulls are back in control.
EURUSD had earlier carved a larger degree bullish boundary between 1.0636 and 1.2350 levels, which has been retraced through fibonacci 0.786 levels near 1.0800 levels over the last few trading sessions. Bulls will remain pised to hold prices above that mark and continue printing higher highs and higher lows going forward.
Trading plan:
Potential rally through 1.1500 against 1.0700
Good luck!
