FX.co ★ Trading plan for EURUSD for December 09, 2021

Technical outlook:

EURUSD is pulling back after reaching around 1.1350 mark late Wednesday and is trading close to 1.1315 at the time of writing. The single currency is expected to reach up to 1.1275 levels, which is the Fibonacci 0.618 retracement of the recent rally between 1.1225 and 1.1354 (not shown here). Bulls are expected to be back in control thereafter and push through 1.1500 levels at least.

EURO bulls seem to be in control since 1.1186 lows as they prepare to take on 1.1690 resistance, going further. For the above structure to hold, prices need to stay above 1.1186 potential support. High probability remains for a continued rally since prices have bounced higher around the Fibonacci 0.618 retracement of entire rally between 1.0636 and 1.2350 respectively.

Immediate price resistance is seen at 1.1690, while support comes in around 1.1160 levels respectively. A break above 1.1690 from here would confirm that bulls are certainly back in control and are here to stay for long. Potential remains to push above 1.2350 mark in the next several weeks.

Trading plan:

Potential rally towards 1.1690 against 1.1150

Good luck!