Technical outlook:
EURUSD rallied through 1.1660 on Monday before finding resistance. The currency pair is retracing for now and has slipped below 1.1600 mark at the time of writing. EURO needs to stay above 1.1562 mark to keep the above bullish structure intact. Bulls would be inclined to remain in control and push towards 1.1750 in the near term.
EURUSD is working upon a recent upswing between 1.1560 and 1.1640 levels respectively. Immediate price support is seen around 1.1560, while resistance is at 1.1750, followed by 1.1850 levels. A push through 1.1640 will encourage further bullish outlook and accelerate towards 1.1750 resistance.
Also note that fibonacci 0.618 retracement of the recent upswing between 1.1560 and 1.1640 is seen around 1.1590 mark (which is not highlighted on the daily chart). High probability remains for a bullish bounce if prices reach 1.1585-90 zone. If the above structure unfolds accordingly, the next leg higher should be towards 1.1750.
Trading plan:
Potential buy zone around 1.1590 today.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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