Technical outlook:
EURUSD has been drifting sideways since past two trading sessions and might drop to 1.1580 handle before finding support. Please note that the Fibonacci 0.618 retracement of its recent upswing between 1.1524 and 1.1670 is seen passing through 1.1578 as depicted here. High probability remains for a bullish bounce if prices manage to reach there.
EURUSD bulls are expected to remain in control until 1.1524 stays intact, going forward. Immediate price resistance is seen toward 1.1750, followed by 1.1850 and higher, while interim support comes in around 1.1500-25 zone respectively. A drop below 1.1524 will open the door to test 1.1500 handle before bulls are back again.
High probability remains for a turn higher towards 1.1950 zone in the next few weeks, provided 1.1524 interim support holds. Looking at the wave structure, EURUSD has completed a larger correction from 1.2350 through 1.1524 levels respectively. If correct, watch out for a break above 1.1670 for the rally to gather pace.
Trading plan:
Potential rally towards 1.1950 against 1.1500.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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