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Technical outlook:
EURUSD currency pair rallied through 1.2170 mark yesterday before reversing sharply lower. Bulls were able to take out interim resistance around 1.2165 before giving it to bears. The structure is getting interesting with a potential counter trend rally into action now and potential remains for a push towards 1.2250 levels.
The single currency is seen to be trading around 1.2064 levels at this point in writing and is expected to resume rally soon. Immediate support comes in around 1.1950 mark, while resistance remains intact at 1.2350 levels respectively. The overall structure is still into its counter trend rally expected to reach 1.2200/50 levels which is just above fibonacci 0.618 retracement of the earlier drop between 1.2350 and 1.1950 respectively.
Probability remains high for the bears to be back in control from 1.2250 zone but it remains to be seen how prices react there. Expecting a short term rally for the next few days before resuming lower again.
Trading plan:
Aggressive traders exit shorts and initiate long positions with stop @ 1.1950, target is 1.2200/30. Then reverse again.
Conservative traders remain short with stop @ 1.2450, add more short @ 1.2200/30, target is 1.1600.
Good luck!
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