Technical outlook:
EUR/USD has carved a higher low around the 1.1270 mark on Wednesday, which could be the termination of a triangle consolidation. If the structure holds well, prices would stay above 1.1270 and push higher towards 1.1500 and 1.1700 levels in the near term. A break above 1.1383 will confirm a bullish move and accelerate.
EUR/USD has carved rising support and constant resistance type consolidation structure in the last few weeks. The resistance has remained constant around the 1.1350-60 zone, while supports have been rising with 1.1222, 1.1235, and 1.1270 levels respectively. The probability remains slightly biased through a bullish breakout in the above case.
The larger degree wave structure is also painting a bullish picture with EUR/USD retracing its primary rally between 1.0636 and 1.2350, up to Fibonacci 0.618 retracement levels (1.1186). Watch out for a push above 1.1383 for an acceleration towards 1.1500 at least in the immediate future. Only a break below 1.1186 will delay matters further for bulls to be back in control.
Trading plan:
Potential rally towards 1.1500 against 1.1150
Good luck!
