Technical outlook:
EURUSD has slipped below the 1.0000 mark intraday on Tuesday after rising through the area of 1.0020-24. The rally which began at 0.9740 looks complete at 1.0020-25 or is about to be completed. The currency pair is seen to be trading close to the 0.9995 mark as bears prepare to produce a pullback towards the 0.9850 level in the near term.
EURUSD might be progressing within its last-leg rally from 0.9635, pushing higher towards 1.0200 and 1.0350 respectively. Prices need to stay above 0.9700 and broadly above the 0.9635 interim support to keep the above bullish structure intact. Potential upside remains intact towards 1.0350 and up to 1.0600 as well.
EURUSD might be working up on the recent upswing between the levels of 0.9740 and 1.0020-25. The Fibonacci 0.618 retracement of the above upswing is seen close to the 0.9850-60 zone, which could be the next potential turn. Bulls might be gearing up to resume the rally from 0.9850-60 and push the price towards the next resistance seen at the 1.0200 mark.
Trading plan:
Potential rally towards 1.0200 and 1.0350 against 0.9500
Good luck!
