Technical outlook:
EURUSD pushed higher by close to 200 pips through 1.1140 mark on Tuesday. The single currency pair has pulled back a bit and is trading close to 1.1110 mark at this point in writing, looking close to breaking higher. Bulls will be poised to push prices through 1.1500 initial resistance in the near term.
EURUSD will accelerate with a push above 1.1140 mark breaking out of the sideways zone. Intraday pullbacks remain possible but prices should stay above 1.0944 to keep the bullish structure intact. EURUSD has been working on the recent upswing between 1.0900 and 1.1137 levels. It has found support at 1.0944, which is fibonacci 0.618 retracement of the above boundary.
EURUSD is looking bullish at a larger degree wave structure as prices have found support around the Fibonacci 0.786 retracement of the rally between 1.0636 and 1.2350 levels around 1.0800 mark. As bulls prepare to remain in control watch out for 1.1500 resistance to be taken out in the next few trading sessions.
Trading plan:
Potential rally through 1.1500, against 1.0700.
Good luck!
