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Technical outlook:
EURUSD still continues to trade around 1.1800 mark after having rallied through 1.1825 interim resistance yesterday. Probability for a potential counter trend rally through 1.1975 levels still looms high as 1.1751 holding for now. A break below 1.1700 will confirm a major reversal towards 1.1300 levels going forward.
EURUSD bulls might prepare to run for a backside test of support turned resistance trend line around 1.1975 levels as marked on the daily chart here. Also note that fibonacci 0.382 retracement of the bearish drop between 1.2266 and 1.1751 is seen passing close through 1.1975 zone, marking a strong convergence to produce a bearish turn.
EURUSD is seen to be trading around 1.1798/1.1800 mark at this point in writing as bulls remain poised for a push through 1.1850 next. Most short-term traders are still advised to book profits on short positions taken earlier and prepare for a counter trend rally.
Trading plan:
Short term: Remain long with stop @ 1.1720, target @ 1.1975/1.2000
Medium term: Remain short, add more @ 1.1975, stop @ 1.2250, target @ 1.1300
Good luck!
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