EURUSD has carved a higher low around 1.0900 today and is now seen to resume higher again. Euro bulls are looking inclined to be back in control as they push prices above 1.0960 at the time of writing. Ideally, prices should stay above 1.0800 mark to keep the above bullish structure intact. Watch out for a push through 1.1500 mark in the near term.
EURUSD had earlier rallied between 1.0636 and 1.2350 levels after printing lows in March 2020. The entire rally has been retraced up to its fibonacci 0.786 level just below 1.0800 mark. Bulls have managed to produce a Morning Star potential reversal as seen on the daily chart here. If the above structure holds, we should witness a push through 1.1500 soon.
The recent upswing is between 1.0800 and 1.1120 levels, which is also retraced to its fibonacci 0.618 levels close to 1.0900 levels on Monday. Ideally, bulls are poised to push through 1.1300 mark from here, followed by the resistance at 1.1500-30 zone. Only a consistent brek below 1.0800 will delay matters.
Trading plan:Potential rally through 1.1500 against 1.0800
Good luck!