Technical outlook:
EURUSD is pulling back sharply toward 1.1000 levels at this point in writing and is expected to find support ahead of 1.0944 mark. The single currency pair had raised through 1.1185 highs over the last week before finding resistance. Buls will remain inclined to hold prices above 1.0944 interim support to keep immediate bullish structure intact.
EURUSD is working on the recent upswing between 1.0944 and 1.1185 levels. It has currently dropped through the Fibonacci 0.786 retracement of the above upswing, which is close to 1.1000 mark. High probability remains for a bullish reversal from here and push through 1.1300 and 1.1550 levels respectively.
EURUSD needs to stay above 1.0800 mark to keep the bullish structure intact. The currency pair had rallied between 1.0636 and 1.2350 levels earlier carving a meaningful larger degree upswing. The subsequent drop has been corrective and found support around fibonacci 0.786 retracement close to 1.0800 mark. Looking higher from here now.
Trading plan:
Potential rally through 1.1550 against 1.0700
Good luck!
