08.03.2022 01:38 AM
EURUSD seems to have finally carved a meaningful bottom close to 1.0800 mark on Monday. The single currency rallied through 1.0930 levels thereafter and is now pulling back through 1.0850-60 levels before resuming its rally. A daily close above 1.0940 today will also confirm an engulfing bullish reversal candlestick pattern on the daily chart.
EURUSD has dropped through the last support zone around fibonacci 0.786 retracement of its earlier rally between 1.0636 and 1.2350 levels. High probability remains for a turn higher from here and push through 1.2350 levels in the next several weeks. Bulls will remain inclined to push through 1.1500 resistance in the near term.
A break above 1.1500 will also confirm that EURUSD bulls are back in control and a meaningful bottom is in place. On the flip side, a drop below 1.0800 will open the door to test 1.0636, the March 2020 support. It would be considered bearish for the currency and attract further selling pressure going forward.
Potential rally towards 1.1500 against 1.0600
Good luck!
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