EUR/USD pullback begins to flat line
EUR/USD has been pulling back from key resistance this week, with the pair in retracement phase following a sharp move higher in late June. Whether this is a deep or shallow retracement is not yet known, but we are seeing tentative signals that the sell-off may already be over.
Despite the continued creation of lower highs and lower lows on an intraday basis, we have seen a failure to break lower once more this morning, with the pair now seeking a new high through $1.1368. However, it would be a break and hourly close above $1.1377 that would hold most value, providing a strong bullish signal. For the short term at least. A break back below $1.1336 would point towards continued downside for the pair.