Technical outlook:
EURUSD rallied through the 1.0550-60 highs during the New York session on Thursday before reverting back to the 1.0500 mark. The single currency pair is seen to be trading at around 1.0537 and is expected to resume its rally from here towards 1.1100 in the near term. Bulls will remain in control until prices stay above the 1.0350 mark.
EURUSD is unfolding a corrective wave of a larger degree since the 1.0350 lows and prices are expected to reach up to 1.1100 going forward. A push above 1.0786 will accelerate the rally pushing close to 1.1100 which is also converging with the Fibonacci 0.618 retracement of the earlier drop between 1.2266 and 1.035 respectively.
EURUSD seems to be progressing within its last leg rally against the 1.0360 mark. The currency is drifting sideways within a range between 1.0500 and 1.0600. A push higher is required to launch a larger degree move. The bulls will remain poised to be in control from here on.
Trading plan:
Potential rally towards 1.1100 against 1.0300
Good luck!
