Technical outlook:
EURUSD dropped to intraday low around 1.0945 on Monday before finding support and bouncing higher. The single currency pair is seen to be trading near 1.0975 mark at this point in writing and expected to push higher. Bulls will remain inclined to stay in control and push through 1.1500, the initial resistance as marked on the daily chart.
EURUSD is still working on the recent upswing between 1.0900 and 1.1137 levels. The drop today was close to its fibonacci 0.618 retracement around 1.0940-50 zone, which has not been displayed on daily chart. High probability remans for a bullish reversal from here and a push through 1.1137 will conform and accelerate.
EURUSD had earlier rallied between 1.0636 and 1.2350 levels carving a larger degree upswing. It has been retraced through the Fibonacci 0.786 retracement close to 1.0800 level. If the above structure holds well, bulls will be back in control soon and push through 1.2350 in the next several weeks.
Trading plan:
Potential rally toward 1.1500 against 1.0700
Good luck!
