EUR/USD showing signs of a resurgence
EUR/USD has managed to break through the $1.0556 resistance level overnight, with the subsequent consolidation bringing a 76.4% retracement. A break and an hourly close above $1.0574 would provide greater confidence of a protracted move higher.
However, it should be remembered the price broke below the $1.0525 level yesterday, so the wider perspective points towards the rally being a retracement of the drop from $1.0680 level. With that in mind, short-term gains are perceived as something to short if we come into the $1.624 (70%) and $1.0636 (76.4%) levels.