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EUR/USD breaking lower after recent resurgence
EUR/USD has broken below the key $1.1748 level this morning, in a surprise move that points towards a potential period of weakness for the pair. Crucial to that story is the need to break below the $1.1689 level. Until that happens there is a chance we could see a rebound as a deep retracement of the $1.1689-$1.1847 move.
So far we are seeing the 76.4% respected, and as such it makes sense to be mindful of the potential to rally from here. Conversely, a break below $1.1689 would have bearish implications for the medium term.