EUR/USD bounces from key support
Last week saw price sell off heavily to $1.0796 support, only to subsequently bounce up to create a new intraday high. This provides us with a good chance that we are seeing a bottom occur, at least a short-term bottom.
While we are seeing the pair begin to selloff this morning, it seems likely that this will stop short of Friday’s $1.0808 low. Thus unless we see price break and close below $1.0796, a bullish outlook is preferred with resistance levels of $1.0897, $1.0925 and $1.1012 in view.
Below $1.0796, selling is preferred, with $1.0762, $1.0689 and $1.0674 representing key support levels.