Technical outlook:
EURUSD dropped through the 1.0700 low intraday on Wednesday before pulling back. It is quite possible that a lower-degree correction is complete between 1.0800 and 1.0700 levels as the bulls remain poised to enter the market. The single currency pair is seen to be trading close to 1.0725 at this point in writing and could rally towards the 1.0850-1.0900 area before turning bearish again.
EURUSD might have completed its first wave of the larger correction which began from 1.1025 early this month. Only with a slip below 1.0660, the instrument will continue further through 1.0450 in the near term as projected on the daily chart. If the bulls manage to push through 1.0800, it could open the door towards 1.0900 within the next few trading sessions.
EURUSD is unfolding a larger-degree corrective wave towards 1.0500 and down to 1.0100 as projected on the chart here. The pair is expected to retrace its entire rally between 0.9535 and 1.1025 and drop to the Fibonacci 0.618 levels before producing a bullish reversal. We shall take a review again around 1.0100 to decide its next probable move.
Trading idea:
A potential bearish drop against 1.1025
Good luck!
