EUR/USD upside unlikely to last
EUR/USD has managed to gain some ground this morning, following a sell-off into $1.0620 support last week. With price attempting to break through the near $1.0653 resistance level, it makes sense that we could see a retracement of the $1.0714-$1.0607 sell-off.
With that in mind, short-term upside is expected to be limited to a retracement around the 61.8%-76.4% region ($1.0674-$1.0689). That would represent a very interesting area for shorts. This bearish outlook would be negated with a break through $1.0714.