Technical outlook and chart setups:

Looking into the 4H chart view here, the following facts should be noted. The inner support line shown here was broken earlier and the single currency pair has bounced off from sub 119.00 level as seen earlier. Furthermore, the same line is now providing space (back side angle, for prices to stage a rally above 128.00). Also, the sloping counter trend line has been broken, resistance at 126.00 was tested, and the same line has been back tested twice around 121.50 level. The expected swing should be in 3 steps at least, even if prices were to form a larger downswing. A fresh line around 127.00 or above would complete the swing structure from 119.00 in 3 steps. Please note that the possibility for prices to register fresh highs at 130.00 remains as well.

Trading recommendations:

Remain long, stop is at 121.00, and target at least 127.00.

Good Luck!