Technical outlook:
EUR/USD rallied through the 1.0625-35 zone on Monday in line with our forecast. The single currency pair has pulled back a bit and is seen to be trading around 1.0595 at this point in writing. The pullback might be complete and the bulls could push prices through 1.0650 going forward. Only a break below the 1.0530 interim support could delay matters.
EUR/USD is probably unfolding within a larger-degree counter-trend rally after printing lows around 1.0450 earlier. Furthermore, the bulls carved a higher low around the 1.0520-25 zone last week and bounced back sharply towards the 1.0625-35 range. A high probability remains for the rally to continue through 1.0750 and higher levels in the near term.
EUR/USD is currently working upon a recent lower-degree upswing which is seen between 1.0520 and 1.0620 levels. Prices have managed to pull back through 1.0590 and could drag further towards the 1.0570-80 range intraday. The bulls might be inclined to come back in control then and turn prices higher again.
Trading idea:
The potential rally has resumed higher towards 1.0750 and 1.0900
Good luck!
