Technical outlook:
EURUSD slipped to fresh intraday lows at 1.0832 during the Asian session on Thursday before bouncing back. The single currency pair is seen to be trading close to 1.0865 at this point in writing as bulls are looking determined to come back in control from here. A push above the 1.0900-10 area, which is the initial resistance, will confirm a bottom in place at 1.0832.
EURUSD has been unfolding a bullish triangle consolidation since printing the high at 1.1035 in February 2023. The last wave of the above-said triangle was projected to terminate around the 1.0700-50 zone but it remained curtailed and has been completed around 1.0832 on Thursday. If the structure holds well, prices would ideally stay above 1.0635 carving higher highs and higher lows.
EURUSD is facing immediate resistance in the 1.0900-10 area, while support is seen around 1.0635. A break above 1.0900 will confirm that another rally towards 1.1200 is underway. On the flip side, if prices break below 1.0635, the bears might drag further through 1.0500 and down to 1.0250 to complete the pattern.
Trading idea:
A potential rally towards 1.1200 against 1.0635 to resume soon
Good luck!
