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EUR/USD shows signs of resurgence
EUR/USD managed to break through the key $1.0629 resistance level yesterday, with price subsequently consolidating. Given the current move back below that level, it seems we are set upon a deeper retracement of yesterday’s rally.
However, given the creation of a new higher high above $1.0629, coupled with the fact this bounce is occurring from the crucial $1.0525 support level (December 2015 low), a bullish short-term view is in play. Given the break back below $1.0629, it looks as though a deep retracement of 70% or 76.4% could be on the cards. Should that occur, it could present a strong bullish case.
The difficulty though would be determining whether to look for a retracement of the rally from $1.0591 or $1.0526. In either case, it seems likely any selling pressure could be fleeting.