EUR/USD recovered after the ECB rate decision last week, when ECB cut rates as expected. But pair still rebounded as there were no surprises with cuts, so the focus shifted away from the ECB towards the FED now. Looking at the price structure, we see nice recovery on EURUSD pair, from the lower trendline support of the corrective channel. So, it appears that the correction could be complete, as we are seeing five waves up from the 1.10 level, which suggests more upside could be in play this week. The high-degree 5th wave seems to be underway then, and ideally, we could see a retest of the August highs at some point. However, we should be cautious of potential pullbacks along the way. To confirm further bullish momentum, we need a breakout from the corrective channel and a push through key resistance levels, which would make it easier for the pair to climb higher.
