Technical outlook:
EURUSD has slipped to fresh lows around 1.0855 during the early Asia Session on Friday. The single currency pair needs to produce a bullish reversal from here else risk of breaking below 1.0800 prevails. Bulls will be inclined to hold prices above 1.0800 mark to keep the structure intact though. Traders remain cautiously bullish from here.
EURUSD is still working on its upswing between 1.0800 and 1.1185 levels. The currency pair has retraced ore than fibonacci 0.786 mark of the above boundary as potential for a bullish reversal remains high. We are still waiting for signal confirmation on the daily chart to declare a bullish turn. Potential remains for a push through 1.1500 mark going forward.
EURUSD has already carved a meaningful bottom around 1.0800 level, which is the Fibonacci 0.786 retracement of its earlier rally between 1.0636 and 1.2350 levels respectively. Only a break blow 1.0800 will bring back bears into play over the near term and delay matters for the above proposed rally towards 1.1500 initial resistance.
Trading plan:
Potential rally through 1.1500 against 1.0700.
Good luck!
