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Technical outlook:
EURUSD might have carved an interim bottom around 1.1700 mark on Monday. The currency pair has bounced off through 1.1740 mark and has also produced a pinbar candlestick on the daily chart. High probability remains for bulls to take control back from here and push towards 1.1850, 1.1950 and 1.2050 potential targets.
EURUSD is probably into its last leg of the counter trend rally, which had begun since 1.1660 lows. The down gartley should likely terminate around 1.2050 mark, which is also the Fibonacci 0.618 retracement of the recent downswing (1.2266 to 1.1660). Bears might come back in control thereafter.
EURUSD is seen to be trading around 1.1735 level at this point in writing and is expected to push higher against 1.1660 mark. Immediate support is seen at 1.1660, while resistance comes in around 1.1850, followed by 1.1900 levels respectively. Only a drop below 1.1660 would change the above bullish scenario.
Trading plan:
Potential towards 1.2050 against 1.1660
Good luck!
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