FX.co ★ Trading plan for EURUSD for August 31, 2021

Technical outlook:

EURUSD has rallied through 1.1830 mark today and might be preparing to push further towards 1.1900 in the near term. A consistent push above 1.1835 would confirm that bulls are poised to take it to the next level before producing a meaningful pullback. But a break below 1.1780 from here warrants a pullback first before pushing higher.

Also since price has broken above the immediate trend line resistance, it would find support when testing the backside going forward. Furthermore, the fibonacci 0.618 retracement of recent rally between 1.1660 and 1.1830 is seen towards 1.1750 mark (not displayed on the chart view). High probability remains for a bullish bounce if prices manage to reach there.

Immediate resistance is now seen around 1.1900/20 zone, while support is at 1.1780 respectively. A push through 1.1900/20 will be considered to be further bullish opening doors towards 1.2050 in the next few trading sessions.

Trading plan:

Potential for a rally towards 1.1900 and 1.2050, against 1.1650.

Good day!