Technical outlook:
EUR/USD is trading around 1.1330 at the time of writing as bulls prepare to push the price above 1.1360-70 during the day. The pair seems to have completed its corrective drop around 1.1222 over the last two weeks. It is ready to rise higher. Only a break below 1.1186 would delay a rally to the 1.1500 and 1.1700 levels respectively.
EUR/USD has remained subdued for the last four weeks within a triangle consolidation. Prior to that, bulls managed to carve a meaningful bullish boundary between the 1.1186 and 1.1383 levels. The triangle consolidation terminated around 1.1235 over the past few trading sessions. If the structure is not broken, the price should stay above 1.1186 and push through 1.1500 in the near term.
Bulls are expected to remain in control provided 1.1186 support is not broken. They might be preparing to target next-in-line resistance around 1.1690 on marked on the daily chart. Please, note that a break higher would confirm a trend reversal as prices would enter into the buy zone of resistance trend line.
Trading plan:
Potential rally through 1.1690 against 1.1150
Good luck!
