EUR/USD bounces from key support level
Yesterday’s EUR/USD weakness came to an end after the pair hit the February low of $1.0494, with price gaining over the short-term ever since. The upside we have seen this morning has failed to break through $1.0528, which represents a key level in determining whether we could see further short-term gains.
The next move will be dictated by a break below $1.0494, or above $1.0528. A break through $1.0528 would point towards a rally into the $1.0550 region, whereas an hourly close below $1.0494 would look to spark another leg lower for the pair. In either case, a bearish medium-term outlook remains the dominant force.