Technical outlook:
The EUR/USD pair is rising as expected after having broken out of resistance again at 1.1075. The next target for bulls is 1.1110. A break above confirms that a potential major turn in trend. Immediate support is seen at 1.1000, while resistance is at 1.1110 respectively. It is recommended to take off maximum profits on the long positions held from lower levels and exit longs close to 1.1110. The next bullish opportunity would be seen at a pullback after breaking 1.1110 resistance. Thereafter, the EUR/USD pair would be heading towards 1.1450/1.1500 levels respectively. In terms of the wave structure, a break above 1.1110 would confirm that a major bottom is in place at 1.0879 and that bulls are poised to remain in control further.
Trading plan:
Remain long against 1.1000, target is 1.1110
Good luck!
