Technical outlook:
EURUSD is looking to break above its range resistance around the 1.0600-10 zone. The single currency pair has attempted twice to break higher, over the past few trading sessions. It is trading close to the 1.0570 mark at this point in writing and is expected to push through 1.1100 going forward. Bulls remain poised to hold prices above the 1.0350 mark to keep the near-term structure constructive.
EURUSD continues to unfold its third sub-wave higher towards the 1.1100 mark, within the corrective rally that began from the 1.0350 mark. A push through 1.0786 would accelerate the anticipated rally as bulls tighten their grip. Ideally, prices should stay above the 1.0359 interim support to keep the bullish structure intact.
EURUSD has carved a meaningful larger degree downswing between 1.2266 and 1.0350 as seen on the daily chart. A minimum push through the Fibonacci 0.382 retracement, which is seen around the 1.1085 mark, remains highly probable. Traders might be preparing to hold long positions with risk below the 1.0350 mark for now.
Trading plan:
Potential rally through 1.1100 against 1.0300
Good luck!
