Technical outlook:
EURUSD has eased off from its swing highs at 1.0480 registered early this week. The single currency pair has slipped over 120 pips after hitting an intraday low at 1.0354 on Thursday. It is seen to be trading close to 1.0380. at this point in writing as the bears prepare to test the 1.0280-1.0300 area before the bulls are back in control.
EURUSD has taken out two resistances at 1.0200 and 1.0350 levels and hit the 1.0480 mark. Ideally, a meaningful pullback should be due towards the 1.0000 zone before finding support. We need to see a break below 1.0350 now to open the door for prices to drop through 1.0280 and further. On the flip side, a push above 1.0480 will confirm that 1.0550 is within reach.
The recent upswing, which could be worked upon is between 0.9740 and 1.0480 levels respectively. Immediate price support is seen at 0.9740 on the daily chart. Only a break below that level will confirm that the trend has turned down and the bears are poised to drag the price below 0.9500. All in all, EURUSD is likely to turn lower either from here or after printing another high.
Trading idea:
Potential bearish reversal against 1.0550
Good luck!
