EUR/USD in downtrend since May
EUR/USD has been consolidating since Friday evening, following on from a sharp deterioration to close out last week. We are clearly in a downtrend since the May peak and this short-term view aligns with the medium-term picture.
We have seen the $1.0979 level hold up as resistance so far and thus any further upside would be looking towards this as the initial level to break for a deeper retracement.
Ultimately, a bearish view is in place unless we see an hourly close above the previous swing high, which on this occasion is $1.1041. Support levels of note are $1.0952 and $1.0911.