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Technical outlook:
EURUSD slips to 1.1688-90 zone on Wednesday on the noise created post FOMC. However, the yellow metal stills holds above the critical initial support around 1.1660 mark. We maintain our preferred count of the counter trend rally reaching 1.2050-60 zone, going forward. Bulls need to stay above 1.1660 though, to keep the bullish structure intact.
EURUSD is still unfolding a counter trend rally towards 1.2050 zone, which is the Fibonacci 0.618 retracement of the drop between 1.2266 and 1.1660 levels respectively. Immediate resistance is now seen at 1.1755, followed by 1.1850, while support remains intact around 1.1660. A break above 1.1755 will confirm that bulls are back in control.
Overall structure in the EURUSD remains bearish against 1.2350 mark. But the pair is retracing its recent down swing for now, before resuming lower again. Watch out for a break above 1.1755 in the next few hours or trading sessions.
Trading plan:
Potential rally seen towards 1.2050 against 1.1660
Good luck!
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