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EUR/USD bounce continues uptrend
EUR/USD rallied through the key $1.0714 level overnight, following a Federal Reserve-fuelled dollar weakness story, and the relief that Geert Wilders has been overcome in Dutch elections. We are seeing the pair pull back this morning, moving back into the $1.0714 support level.
A break below there could spark a period of weakness as we retrace some of yesterday’s sharp gains. Conversely, an hourly close above $1.0745 would point toward a continuation of recent gains for the pair. In either case, the wider bullish trend has been validated once more, with further gains seemingly likely, irrespective of whether we see a retracement or not. This is the case until we break the previous low ($1.0603 currently).