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EURUSD dropped below the 0.9667 low intraday on Wednesday before finding support again. The single currency pair is seen to be trading close to 0.9725 at this point in writing as the bulls are ready to come back in control. Yet another low cannot be ruled out and the same could be seen around the 0.9630-40 area which matches the Fibonacci 0.786 retracement of the recent upswing.
EURUSD has potentially carved two waves of the proposed corrective rally from 0.9535 earlier. The first wave completed at 0.9999 while the second one is potentially terminating at around 0.9670, which is also the Fibonacci 0.618 retracement of the above rally. A bullish reversal here would indicate that the third wave has begun towards 1.0200 and higher.
EURUSD is facing resistance at 1.0200, followed by 1.0365 and 1.0750, while interim support comes in around 0.9535. Prices need to stay above 0.9535 to keep the above bullish structure intact. Potential targets are supposed at 1.0200, 1.0300, and 1.0600. Watch out for a potential Morning Star candlestick pattern to be carved on the daily chart.
Potential rally through 1.0200 and higher against 0.9535
Good luck!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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