FX.co ★ Trading plan for EURUSD for December 08, 2021

Technical outlook:

EURUSD might have carved a potential higher low around 1.1230 levels as expected on Tuesday. The single surrency has rallied through 1.1300 high intraday and is seen to be trading around 1.1285 mark at the time of writing. Ideally, we should witness a continues rally towards 1.1690-1.1720 zone, which is the next in-line resistance.

EURUSD remains structurally bullish after bouncing from around the Fibonacci 0.618 retracement of the previous rally between 1.0636 and 1.2350 levels. Bulls will be inclined to keep prices above the 1.1186 mark going forward. High probability remains for the currency pair to print above 1.2350 before facing major resistance.

Looking at the wave structure, EURUSD has retraced its meaningful upswing between 1.0636 and 1.2350. Only a consistent break below 1.1186 from here would be a cause of concern to the bullish scenario. Watch out for a break above 1.1385 for an acceleration higher.

Trading plan:

Potential rally towards 1.1690 against 1.1100

Good luck!