Technical outlook and chart setups:
The EUR/USD pair has finally staged its much expected rally and hit 1.1024 levels yesterday before pulling back. It is seen to be trading at 1.0988 levels for now and needs to push through 1.1060 levels to confirm further upside. Please note that probability for a lower low reduced since the pair is holding well above 1.0950 levels. EUR/USD is expected to rally and take out 1.1060 levels to confirm that bulls are here to remain longer. Importantly, 1.1100 levels can provide stiff resistance. Looking at the wave structure, the pair seems to be preparing for yet another run towards 1.1085 and 1.1120 levels. It is hence recommended to remain long, with risk at 1.0945 levels. Immediate resistance is seen at 1.1107 levels while support lies at 1.0950 levels.
Trading recommendations:
Remain long, stop at 1.0945, target is open.
Good luck!
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