EUR/USD expected to weaken once more
EUR/USD is rallying after a fall through trendline support yesterday, providing us with even more confidence of a significant move lower for the pair. The medium-term downtrend coincides with the short-term bearish view, with price having dropped out of a symmetrical triangle formation off the back of a head and shoulders break.
With that in mind, this current rally looks like an opportunity to get short at a more advantageous price, where a bearish short-term view remains unless we see an hourly close back above $1.1261. Given the break below the $1.1216 support level, it makes sense that we are seeing the pair round off and thus another move lower seems highly likely here.