EURUSD slipped to 1.1700 handle, 50 pips lower than the projected support zone around 1.1750-60. The pair is now testing the fibonacci 0.786 retracement of the recent upswing between 1.1660 and 1.1900 levels (not displayed here). With a bullish turn here, the price will resume higher again with 1.2050 target intact over the next several weeks. The bottom line for bulls to remain in control is 1.1660 mark.
EURUSD is seen to be trading close to 1.1710 mark at this point in writing and is expected to be back in control of the bulls soon. Immediate resistance is seen at 1.1850, while support is around 1.1660-50 zone. The wave structure remains favored for bulls until prices stay above 1.1660 initial support.
The larger wave structure is bearish against 1.2350, toward 1.1300 level. Please note that 1.1300 is close to the fibonacci 0.618 retracement of the entire rally between 1.1660 and 1.2350 respectively. Focus remains on the counter trend rally towards 1.2050 levels, in the next several weeks to come.
Potential rally toward 1.2050 against 1.1660.
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