FX.co ★ Trading plan for EURUSD for December 10, 2021

Technical outlook:

EURUSD is testing its lows around 1.1280 levels before resuming its rally. The single currency is pulling back from intraday highs above 1.1300 mark and might hit 1.1275 level before finding strong support. It is seen to be trading just below 1.1280 at the time of writing and might have caved yet another shallow low by the time of publshing.

EURUSD is working on a recent upswing between 1.1225 and 1.1354 levels for now. The Fibonacci 0.618 retracement of the above swing is seen around 1.1275, which is not depicted on the daily chart here. High probability remains for a strong bullish reversal from there, pushing through 1.1500 and 1.1700 levels in the next few trading sessions.

EURUSD remains structurally bullish after bouncing from 1.1186 lows, which is just below the Fibonacci 0.618 retracement of previous rally between 1.0636 and 1.2350 respectively. Bulls are inclined to remain in control until prices stay above 1.1186 interim support. Watch out for a break above 1.1352 for further acceleration.

Trading plan:

Potential rally towards 1.1700 against 1.1150

Good luck!