Technical outlook:
EURUSD rallied on Wednesday post FOMC after carving a potential higher low around the 1.0500 mark. The single currency pair managed to push through 1.0641 highs intraday on Thursday before pulling back. Since then, it has eased off a bit and is seen to be trading close to 1.0595 at this point in writing, looking to resume higher.
EURUSD's short-term target potential remains fixed around the 1.0670-80 zone. The pair is expected to face resistance thereafter and produce a meaningful pullback. The rally looks to be corrective until now. If the pullback holds above 1.0500, bulls will be inclined to push through the 1.0750-60 zone in the next few trading sessions.
EURUSD is facing immediate price resistance around 1.0930 followed by 1.1200, while interim support is seen at 1.0470 respectively. The high probability remains for bulls to be back in control from here. However, the bottom line remains that prices should stay above 1.0470. Intraday support is seen through 1.0550 levels.
Trading plan:
Potential rally through 1.0920-30 against 1.0470
Good luck!
