EUR/USD driving higher from fib retracement
EUR/USD is turning higher from a deep pullback towards the 76.4% retracement, following a break higher on Friday. This is a continuation of the bullish theme that has been in place for three weeks now.
Given the long upper shadow on Friday, there is a good chance of a reversal from here. However, we have not seen anything to prove this is happening and as such, a bullish view is in play for a move back into $1.1222-$1.1230 resistance.
We would need to see an hourly close below $1.1131 to negate this bullish outlook and bring things back onto the medium/long-term bearish view.