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EURUSD has dropped through the 1.0185 low on the intraday chart on Monday after hitting resistance at the high of 1.0294 last week. The currency pair is seen to be trading close to the 1.0200 mark at this point of writing, and bulls might be looking to push the price through 1.0250 at least in the near term. Potential remains for a drop through 1.0100-10 zone before finding strong support.
EURUSD might be looking constructive on a larger wave structure scale since the price is unfolding a corrective rally from 0.9952. The entire drop between 1.2350 and 0.9952 is being retraced and the potential target remains in the 1.0800-1.0900 zone. This is also the 0.382 Fibonacci retracement of the above-mentioned bearish drop and hence the potential resistance.
EURUSD is currently working on its recent upswing between the levels of 0.9952 and 1.0294 as seen on the chart here. Prices could drop through the 1.0100-1.0110 zone before reversing higher again. Also note that 1.0100 is the Fibonacci 0.618 retracement of the recent upswing and hence the potential support. Bulls will be inclined to be back in control then.
Potential drop to 1.0100 and then higher towards 1.0800-1.0900 against 0.9952
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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