Technical outlook and chart setups:
1. The EUR/USD pair printed lows at 1.3585/87 levels yesterday before pulling back through 1.3620/30 levels. The pair seems to be breaking out of the down trend line from 1.3990/95 levels for now and might be preparing for a counter trend rally towards 1.3840/50 levels at least. Recommendations are to initiate long positions now, at 1.3609/10, risk remains at 1.3570/75.
2. Support is seen at 1.3570/75 (interim), followed by 1.3540, 1.3470/80 and lower, while resistance is at 1.3670, followed by 1.3730/40, and 1.3990/95 respectively.
3. The structure indicates that EUR/USD bulls might be taking control back at least for now. An aggressive counter trend rally could be possible from here towards 1.3840/50 levels.
Trading recommendations:
Initiate long positions, stop at 1.3570/75, target is 1.3850.
Good luck!