Technical outlook:
EURUSD has been drifting sideways since printing 1.0470 lows on April 28, 2022. The only potential upswing preceding the consolidation is between 1.0470 and 1.0641 which needs to be broken on either side for a further direction. Bulls are looking poised to hold prices above the 1.0470 mark and push through the 1.0920-30 range going forward.
EURUSD is facing resistance around 1.0920-30, followed by 1.1200; while interim support stays at 1.0470 respectively. A push through 1.0920-30 will confirm a potential trend reversal and open the door to a further push through 1.1200 going forward. On the flip side, a slide below 1.0470 will potentially attempt a test of 1.0350, the 2017 low.
EURUSD has carved a larger degree downswing between 1.2350 and 1.0470 mark as presented on the chart. Bulls might be preparing to retrace the above drop and push through 1.1200 and 1.1634 in the coming weeks. Also note that 1.1600-50 is close to the Fibonacci 0.618 retracement of the above drop and hence, there is a high probability for a trend reversal.
Trading plan:
Potential rally through 1.0920-30 and higher against 1.0300
Good luck!
