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EUR/USD bounce unlikely to last
EUR/USD sold into the medium-term trend yesterday, with the 50% retracement seemingly the end of the road for its resurgence. We are seeing another retracement higher this morning, which is expected to result in another leg lower.
Given the lack of key swing highs from yesterday’s sell-off, it makes sense to look for resistance at previous key levels, such as $1.1072 and $1.1097. The bearish view holds unless we see an hourly close above $1.1170. Support levels in view are $1.1036 and $1.1024.