EURUSD dropped to the 0.9630-35 area on Thursday before reversing sharply, closing the day close to 0.9800. The rally was in line with the proposed bullish structure in the past few sessions. Also, note that bulls have now managed to carve a Morning star candlestick pattern on the daily chart. The price is looking higher from here with a potential next target above 1.0200.
EURUSD has bounced off the Fibonacci 0.786 retracement of its recent lower-degree upswing between 0.9535 and 0.9999 as seen on the daily chart. It is quite possible that the proposed third-wave rally is underway against the 0.9630 lows. If the above structure holds well, the bulls will remain in control from here and push through 1.0200 and 1.0300-50 in the near term.
EURUSD has eased off a bit and is trading close to 0.9735 at this point in writing. Intraday support is seen towards 0.9700, which is the Fibonacci 0.618 retracement of its recent rally between 0.9630 and 0.9800 respectively. Ideally, prices would stay above 0.9630 and broadly above 0.9535 to keep the above bullish structure intact.
Trading idea:Potential rally towards 1.0200 and higher against 0.9500
Good luck!