Technical outlook and chart setups:
As seen on the daily chart view presented here, the single currency pair has broken its minor support line and has bounced back off the lows at 119.00 level recently. Currently trading close to 120.00 level, the pair might be wanting to initiate a bounce towards 127.00 level again. This region (120.00) has also been re-enforced by the 0.786 retracement level of the rally from 119.00 to 126.00 lately. Immediate support can be defined by sub 119.00 level, followed by 117.00, 116.00, 114.00, and lower; while resistance levels are 124.00, 126.00, 127.00, and 127.90 respectively. Keeping the wave structure preview simple, it is recommended to remain long till the time prices are above 119.00 level. On the flip side, the break of 119.00 lower would see prices retracing further towards 117.00 at least. We shall look into it in more details when the event occurs.
Trading recommendations:
Remain long for now, stop is at 118.50, and target at least 127.00.
Good Luck!