Technical outlook and chart setups:
The EUR/USD pair has finally staged its much expected rally and is now trading at 1.1020 levels. Please note that the pair needs to push through 1.1060 levels to confirm that a further upside remains. If EUR/USD reverses from here, the odds are that a lower low will be hit below 1.0963 level. Meanwhile, if the pair rallies and takes out 1.1060 levels, it would confirm that bulls are back and this could be the beginning of a much awaited counter trend rally. Please note that the daily chart patterns and oscillators were showing extreme bullish divergence and prices were expected to reverse any time. Looking at the wave structure, the pair looks to be preparing for yet another run towards 1.1085 and 1.1120 levels. The pair is expected to face resistance around 1.1120 level. It is hence recommended to remain long, with risk at 1.0945 levels. Immediate resistance is seen at 1.1107 level, while support is seen at 1.0950 level respectively.
Trading recommendations:
Remain long, stop at 1.0945, a target is open.
Good luck!
