Technical outlook:
EUR/USD tested the backside of broken resistance trend line at 1.0766 before reversing higher yesterday. The single currency pair is seen to be trading around 1.0840 levels at this point in writing and it is expected to hold above 1.0766 from here. It seems that the consolidation going on since several trading sessions is now complete and EUR/USD might be ready to rally towards 1.1500 levels in the next few weeks. Immediate price resistance is seen towards 1.1020, while support is at 1.0730, followed by 1.0636 respectively. The overall structure is looking constructive for bulls as 1.0636 remains intact. Only a break below 1.0636 will delay matters further for a EUR/USD rally which could last for several months.
Trading plan:
Remain long with stop at 1.0636, target is 1.1500
Good luck!
