EURUSD paused its decline at about the 1.0835 lows on Friday as the bulls were quick to be back in control. The single currency pair pushed through the 1.0930 highs before finding interim resistance. It's seen to be trading close to 1.0915 at this point in writing and could slide towards 1.070 before resuming higher again. We are revising our trading bias to potentially bullish against 1.0830.
EURUSD has been consolidating since February 2021, after printing a high at 1.1035. The triangle structure might be complete at the 1.0835 low registered last week and prices could resume higher towards 1.1200 and up to 1.1500 levels in the coming weeks. Also, note that the last leg of the triangle ended before the projected levels of 1.0700-50 earlier.
EURUSD has managed to carve an initial lower-degree upswing between 1.0835 and 1.0931 levels on Friday. The currency pair might produce a pullback towards 1.0870 intraday which is also the Fibonacci 0.618 retracement of the above rally (not seen here). The bulls would be poised to come back in control thereafter. Ideally, prices should stay above 1.0830 in the near term.
Trading idea:A potential rally to resume towards 1.1200 and higher soon.
Good luck!