Bullish play seen on EURUSD: 16 December

On the D1 timeframe, prices are facing bullish pressure from its support area at 1.05500, in line with the 38.2% Fibonacci retracement. The throwback to this zone presents an opportunity to play the bounce to the next resistance target at 1.07900 , in line with the 78.6% Fibonacci extension. Prices are lying above the Ichimoku Cloud as well, supporting our bullish bias.