Technical outlook:
EURUSD has pulled back in the past trading session carving a potential higher low around 1.0490 mark. The single currency pair has rallied through 1.0525 levels at this point in writing on Tuesday and is expected to continue higher. The bottom line remains that prices should stay above 1.0470 mark to hold the above bullish scenario.
EURUSD is also displaying a bullish divergence on the daily RSI as seen on the chart. Though not a strong signal but the RSI has refrained from printing fresh lows, which could be seen as potential trend reversal off the 1.0470 lows. A bullish candlestick reversal signal is still to be completed on the daily chart to confirm the above.
EURUSD is facing stiff resistance at 1.0920 followed by 1.1200 levels and higher, while interim support is seen through 1.0470 mark. A break above the 1.0920-30 level will confirm that bulls are back in control and potential trend has reversed. Traders might be preparing to initiate fresh long positions going forward.
Trading plan:
Potential rally towards 1.0920-30 and 1.1200
Good luck!
