Would thus strongly recommend those who have been shorting EURUSD to take profit on their shorts right now.
For those who are squared, can look at getting into long positions as it breaks 1.1208, adding on positions using stop orders at intervals of 25 pips each. A good short-term target is when the price meets the short term downwards , currently slightly above 1.15.
For those going for mid to long term, the 38.2% (around 1.22) and 50% (around 1.25) retracement levels will prove to be good points to take profit. Just be mindful that your long-term positions can withstand higher which we are already seeing in the markets these days.
Looking at the hourly chart, we have now seen a higher high, and currently building a potential low. If current prices holds and prices starts going up, then we will have completed the higher-high-higher-low formation, and thus starting the short-term bullish trend line.