EURUSD rose through the 1.0775 high intraday on Thursday as projected earlier, testing the resistance zone. The single currency pair is seen to be trading close to 1.0762 at this point in writing, having eased off a bit from the intraday highs. A bearish reversal remains a high probability from current levels around the 1.0760-1.0800 zone as the bears remain poised to be back in control.
EURUSD might have completed its rally, which started from the 0.9535 lows in September 2022. The instrument might have carved a formidable low around 0.9535, which could hold in the next coming months. As prices approach strong resistance around 1.0800, they are expected to at least retrace lower towards the 1.0300-50 zone, which is the initial Fibonacci retracement of the rally between 0.9535 and 1.0775.
EURUSD is supported at 1.0481, while resistance comes in around 1.0800 going forward. It is a matter of time before the bears are back in control and it would be interesting to see how prices react closer to the 1.0800 mark. A break below 1.0481 is what traders will be waiting for to initiate fresh short positions as a high would be in place then.
Trading idea:Potential bearish turn against 1.0900
Good luck!