Technical outlook:

The EUR/USD pair might be potentially changing its course in the short term, hence it is advisable to exit short positions taken earlier at 1.1190 levels if they are still open. The most popular currency pair was seen to be trading around 1.1170 levels at the moment of writing and it might be looking to rally higher above 1.1260 levels. The recent boundary being worked out is between 1.1111 and 1.1260 levels for now with prices finding support around the Fibonacci 0.618 support zone as presented here. We should respect the wave structure here, that could be favoring the bulls until prices stay above 1.1135/40 levels. Also supporting the above view is the drop from 1.1260 levels, which is in 3 waves and hence corrective. The immediate price support is at 1.1111 and the intermediary resistance is at 1.1260. The projected upside target is towards 1.1360 level at least. It remains to be seen if the rally stops there or pushes even further to unfold as an impulse at a higher degree. Bottomline, bulls are expected to remain in control as long as the prices stay above 1.1111 levels going forward.

Trading plan:

Long @ 1.1270, stop @ 1.1111 target @ 1.1360

Good luck!