EUR/USD increases as the USD is weakened by the USDX's sell-off, the pair is traded at 1.0962 and it should climb way higher on the short term. The pair rallies only because the dollar was punished by the FED measures and by some poor US economic data and not because the EUR is strong.
Both the US and the eurozone economies have taken a hit from the COVID-19 epidemic, it remains to see which one will suffer the most, EUR/USD is somehow expected to increase further on the short term because the US Dollar Index could drop towards the 98.25 downside obstacle.
EUR/USD has managed to stabilize above the 1.0917 and now is pressuring the inside sliding line (sl) of the orange ascending pitchfork again. The valid breakout above the 1.0917 has signaled a further increase, but only a valid breakout above the sliding line (sl) will really confirm an aggressive rally towards the median line (ml).
The pair is trapped within an up channel, between the lower median line (lml) and the sliding line (sl), but the failure to reach and retest the lower median line (lml) has signaled that we may have an upside breakout and a potential sharp increase.
The price has confirmed the orange ascending pitchfork, that's why it is expected to be attracted by the median line (ml). A valid breakout above the sliding parallel line (sl) could signal a potential increase also towards the 1.1200 - 1.1215 major resistance area.
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A valid breakout above the sliding line (sl) will bring a long opportunity with targets at the median line (ml) and higher at the 1.1200 - 1.1215 area. The Stop Loss should be placed somewhere below the lower median line (lml) of the orange ascending pitchfork. EUR/USD is expected to increase on the short term as the USDX is under massive selling pressure.
A further increase could be invalidated only by a valid breakdown below the lower median line (lml), this scenario is less likely to happen right now because EUR/USD has failed to retest this dynamic support signaling a bullish pressure.
