EUR/USD bouncing from trendline support
EUR/USD has been a bit of a choppy pair to trade this week, with initial breakdowns not following through, only for the pair to post new intraday highs. This looks similar to the rising channel that held for the first part of the week, upon which we finally saw price break lower. This is also expected to be the outcome from this current ascending channel pattern.
With price breaking higher from trendline support, there is a good chance we could see another short-term bounce from here. We would need to see an hourly close below $1.1219 to bring the bearish medium-term outlook back into play.