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EURUSD continues its sideways price action, sliding to the support zone around 1.1620-30 level. A break below 1.1600 will drag the price towards the 1.1580 mark before bulls are back in control. The currency pair is expected to push higher until 1.1524 remains intact. Also note that 1.1580 is fibonacci 0.618 support of the recent upswing between 1.1524 and 1.1670 respectively. (not depicted here)
EURUSD bulls are looking to push through 1.1950-1.2000 zone in the next few weeks. The corrective drop that had begun from 1.2350 highs looks complete just above 1.1500 handle. If the structure holds above 1.1524, we should see a sharp rally towards 1.1950 at least. Immediate resistance is at 1.1750, while support is around 1.1500 mark.
EURUSD rally is expected to accelerate through 1.1750 in the near term. Looking at the larger picture, the single currency pair has retraced to fibonacci 0.50 levels of the entire rally between 1.0636 and 1.2350 between March 2020 and January 2021. Only a drop below 1.1525 will nullify the above bullish scenario.
A potential rally towards 1.1950 against 1.1450 is in the cards!
Good luck!
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