Technical outlook:
EURUSD climbed above the 1.0360-70 zone last Friday before facing resistance and pulling back. The single currency pair is seen to be trading close to 1.0300 at this point in writing as the bears prepare to come back in control soon. Please note that EURO has hit both targets 1.0200 and 1.0350, discussed and projected over the past few weeks.
EURUSD seems to have completed its larger-degree corrective wave, which started from the 0.9535 low earlier. The currency pair needs to produce at least a meaningful pullback if not a bearish reversal, before resuming higher again. Further extensions are pointing towards 1.0600 but not before a corrective drop from current levels.
The recent borders, which could be worked upon are between 0.9740 and 1.0370 levels as seen on the daily chart. A retracement is now possible towards the 1.0000-1.0050 area which is also the past resistance-turned-support, before resuming higher again. A break below immediate support around 0.9740 will confirm that the trajectory has reversed lower again.
Trading idea:
Upside target hit, potential reversal towards 1.0000 against 1.0450
Good luck!
