Technical outlook:
EURUSD rallied through 1.0330 intraday on Wednesday and is looking poised to push further above the 1.0481 interim resistance. The single currency pair is seen to be trading close to 1.0325 at this point in writing as the bulls are determined to remain in control. Ideally, prices should stay above the 1.0222 lows to keep the near-term bullish structure intact.
EURUSD might have resumed its last sub-wave higher towards 1.0550 and 1.0600 as projected on the 4H chart here. Also, note that the Fibonacci 0.382 retracement of the entire drop between 1.2266 and 0.9535 is seen passing through the 1.0600 mark. Hence, the probability remains high for a bearish turn if prices reach there in the near term.
EURUSD has bounced off the 1.0222 mark, which is close to the Fibonacci 0.382 of the recent upswing between 0.9935 and 1.0481. If the bulls are able to hold prices above 1.0222, the next upside target shall be seen towards 1.0550 at least. Immediate support is seen through 0.9935, followed by 0.9740 and a break there would void the bullish scenario.
Trading idea:
Potential rally towards 1.0550 against 0.9740
Good luck!
