Technical outlook and chart setups:

As depicted on a 4H chart view here, the single currency pair has broken the inner line of support but at the same time 116.40 level has been held well till now. This might be an indication that a huge trend reversal may not be yet on cards. Furthermore, the 0.786 Fibonacci support level is also holding well and a rally might just be under way today. As seen here, the rally could easily extend up to 119.50/70 level before it hits the backside of the inner trendline which would provide a resistance now. A break above 120.00 level would be required to confirm further rally towards 121.00 level. It is recommended to hold long positions at least till 119.50.

Trading recommendations:

Hold long positions, stop is at 116.50, and target is 119.50/70.

Good Luck!