Technical outlook:
EUR/USD almost hit our projected target of around 1.0623 over the last week. The single currency dropped to 1.0631 before bouncing back towards the 1/0680-85 zone intraday on Friday. It is seen to be trading close to 1.0670 level at this point in writing as bulls prepare for a potential pullback rally toward 1.0950-1.1000 range soon.
EUR/USD might have terminated its recent drop from 1.1275 highs at 1.0631 or it should be close to terminating soon. The second wave of corrective phase is expected to terminate close to 1.1000 levels before the third wave resumes lower again. The projected targets for corrective phase to terminate are extending throug 1.0200 mark.
EUR/USD has also taken out its major support around 1.0630 mark as seen on the 4H chart. High probability remains for a pullback to resume soon from current levels and a break above 1.0780 initial resistance will confirm a potential low is in place. Also note that 1.0630 is fibonacci 0.382 support of the entire rally between 0.9535 and 1.1035 levels hence bulls should be back in control soon.
Trading idea:
Potential rally to resume towards 1.1000
Good luck!
