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Technical outlook:
EURUSD bounces back swiftly from 1.1690 mark back up to 1.1750 on Thursday. The currency pair has produced an engulfing bullish candlestick pattern as well, on the daily chart, indicating a potential reversal. The structure still remains constructive for bulls, until prices stay above 1.1660 level. If bulls are able to hold higher, potential remains for a push through 1.2050 mark before finding resistance again.
EURUSD is producing a counter trend rally since 1.1660, which is expected to terminate around 1.2050, which is also fibonacci retracement of the drop between 1.2266 and 1.1660 levels respectively. Immediate resistance is seen at 1.1755, followed by 1.1850 while support is seen around 1.1660 mark respectively. A break above 1.1755 and 1.1850 will confirm that bulls are back in control.
On the flip side, if EURO slips below 1.1660 from here, it would indicate that bears are inclined to drag towards 1.1300 directly. With the engulfing bullish signal on the chart here, probability remains for a push higher towards 1.2050 first, before the overall trend reverses.
Trading plan:
Potential rally towards 1.2050 against 1.1660
Good luck!
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