EUR/USD pushing higher within channel
EUR/USD continues to respect an ascending channel formation as we move into the new week, with the price heading towards the 76.4% retracement yet again.
The ascent we have been seeing so far throughout June could prove to be a retracement of the decline from $1.1996, thus highlighting the importance of the 76.4% retracement ($1.1881) as the next major point of resistance. A break above that $1.1881-$1.1996 region would point towards a wider retracement into the $1.2150 area. Until then, the rising channel continues to provide a bullish outlook, unless we fall below $1.1727.