EUR/USD pullback continues amid stronger dollar
The pair managed to break through the key $1.1326 support level yesterday, signifying the likeliness that this pullback is going to be a more protracted affair. We are clearly trending higher over the medium-term, yet for the short-term, we are now making lower highs and lows.
As such, while a bullish resurgence is expected between now and last Friday’s low of $1.1137, this sell-off looks to have legs. Thus a bearish short-term view is in place with the next key support levels at $1.1276 and $1.1250. However, an hourly close above $1.11337 would negate this view, bringing us back into the medium-term uptrend.