Technical outlook:
EUR/USD remained between 1.0965 and 1.0985-90 on Wednesday. The single currency pair is testing its upper range around 1.0985 at this point in writing and a break higher would allow the pair to take out 1.1050 in the near term. Only a break below the 1.0830 interim support would nullify the bullish scenario.
EUR/USD is also supported by a long-term trend line since September 2022 after printing lows at the 0.9535 mark. The larger degree wave structure is looking poised to rally towards 1.1500 after breaking of its triangle consolidation earlier. The bottom line suggests that prices could stay above the 1.0830 support. Bulls are determined to push higher from here.
EUR/USD has also carved a lower-degree upswing between 1.0830 and 1.1275. Furthermore, the currency pair has retraced the boundary and bounced off the Fibonacci 0.786 level. The high probability remains for a bullish reversal against the 1.0900 mark. Also note that immediate resistance is at 1.1150 now, and a break higher will allow the pair to accelerate.
Trading idea:
Potential rally towards 1.1500 to resume soon.
Good luck!
