Technical outlook:
EURUSD has been drifting within a tight range for the last two trading sessions after rallying through 1.1380 levels on Tuesday. The pair had dropped through 1.1235, hovering within a range. Ideally, EUR might want to print one more low below the 1.1235 mark before resuming its rally through the 1.1700-10 zone.
Immediate price resistance on the daily chart is around 1.1700-10 price zone and bulls might remain inclined to push through. It would also confirm a potential trend reversal and that bulls are back in control. The trend line resistance would also break indicating further bullishness toward 1.2266 and 1.2350 respectively.
EURUSD had earlier rallied between 1.0636 and 1.2350 carving a major upswing. The subsequent drop was corrective and dropped through the 1.1200 zone, which is close to the Fibonacci 0.618 retracement of the above upswing. If the above structure holds well, EUR bulls will remain in control going forward.
Trading plan:
Potential rally towards 1,2350 against 1.1000
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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