Technical outlook:
EURUSD has raised through 1.1370-75 range in the past hour in line with our expectations. As discussed earlier, 1.1375 was marked as the daily resistance, which needed to be taken out. Bulls have now managed to do that confirming a further upside going forward. Short-term traders can take profits and buy again lower potentially around the 1.1250-60 range. Positional traders might continue to hold.
EURUSD might take a corrective dip towards 1.1250 mark before resuming its rally towards the next resistance around 1.1700-10 mark in the next several weeks. The recent boundary which could be worked upon is between 1.1186 and 1.1373 respectively. It is not shown here but negative divergences are seen on the shorter time frames (1 hour), which favors a corrective drop.
The overall structure remains bullish against 1.1186 as bulls break past the initial resistance on daily chart. Going forward, a push above 1.1700-10 will be further encouraging to bulls as they remain in control. Only a consistent break below 1.1186 will change the bullish outlook.
Trading plan:
Potential rally towards 1.2350 against 1.1186
Good luck!
