Technical outlook:
The H4 chart view has been presented here with immediate trendline resistance through the recent highs. It is seen that the EUR/USD pair is testing the resistance trend line just below the 1.1365 mark, which is also the Fibonacci 0.786 resistance of the recent drop between the levels of 1.1420 and 1.1175. The level of 1.1420 remains the line for bulls in order to regain control of its medium-term trend. A push above the trend line resistance and subsequent breakout of the 1.1420 level would be extremely encouraging for a medium-term rally towards 1.1800 and higher levels. On the flip side, a bearish reversal from the current levels could retest the 1.1175 level (interim support on the chart). It remains to be seen whether bulls will be able to maintain their bullish momentum that began on March 07, 2019 from the 1.1175 level. The prices staying above the 1.1240 mark should keep the bullish structure intact.
Trading plan:
Aggressive traders, remain long with a stop loss order at 1.1240 and the target of 1.1420
Conservative traders, wait for a breakout of the 1.1420 level.
Good luck!
