EUR/USD rally unlikely to last
Yesterday saw EUR/USD break lower in a very convincing manner, as we continue the downtrend that is in place throughout May. Previous rallies have been fleeting at best, with the past two coming into the shallow 38.2% pullback before selling off once more.
So far, we have only found the 28.6% level ($1.1159), yet between that and the 38.2% ($1.1175) we should see the pair turn lower once more. The key is a closed hourly candle below $1.1133, which would likely spark another move lower for the pair.
This bearish view would only be negated with a move back above $1.1243.