EUR/USD breaks higher once more
EUR/USD has broken higher once more this morning, with a clear rounded bottoming out seen yesterday. This looks like a deep retracement of the EU referendum sell-off and as such, this does not alter the bearish medium-term outlook.
However, further gains are expected for now, with an hourly close above $1.1197 pointing towards further upside before we consolidate once more. Looking at the last consolidation and breakout points towards the likely price action today.
It would be of particular interest to rally into the 76.4% retracement ($1.1306) over the coming days. However, for now we are looking for further short-term gains with initial resistance at $1.1236. We would need to post an hourly close below $1.1154 to negate this uptrend.