Technical outlook:
EURUSD raised through 1.1035 levels early hours of trade on Friday. The daily chart is producing a bullish Morning Star candlestick pattern and a successful completion would indicate potential turn higher. Bulls might be gaining an edge above 1.0960 levels, a potential higher low carved on Thursday. Watch out for a break above 1.1137 for acceleration.
EURUSD has bounced off the Fibonacci 0.618 retracement of its recent upswing between 1.0900 and 1.1137, around 1.0960 mark. If the above structure holds well, the next upside target could be 1.1300 and up to 1.1500 levels respectively. Prices should stay above 1.0900 lows for the above bullish structure to remain intact.
EURUSD is now looking to rally through 1.1500 initial resistance as bulls remain poised to register themselves. Going forward, the single currency pair is expected to push through 1.2350 mark to complete the entire structure. Also note that its resistance trend line will break above 1.1500 mark, indicating a potential trend reversal.
Trading plan:
Potential rally through 1.1500 against 1.0700
Good luck!
