Technical outlook:
EUR/USD slipped through 1.0760 over the last week before regaining ground again. The pair is testing the support trend line of 2.017 (not seen on the chart). There is a high probability of a bullish reversal from this level. Bulls need to hold prices above 1.0750-60 to keep the potential bullish structure intact.
EUR/USD is now facing immediate resistance near the 1.1200 level and a break there will confirm trend reversal. Bulls will be back in control pushing prices through the buy zone of the resistance trend line. The next in-line resistance is seen through 1.1500, which should be taken out thereafter.
EUR/USD earlier rallied between 1.0636 and 1.2350. It has been retraced through the Fibonacci 0.786 level around 1.0750 mark. High probability remains for a push through 1.1700 and 1,2000 levels in the next several weeks. A break above 1.0930 will also encourage further bullish structure.
Trading plan:
Potential rally through 1.1200 and 1.1500 against 1.0700
Good luck!
