EUR/USD in recovery mode following sell-off
Friday’s break below the key $1.1219 support level provided us with a renewed bearish outlook in EUR/USD, with the pair breaking below a key trendline support. The current resurgence is unlikely to last, yet the depth of this rally is of course uncertain.
With that in mind, it either makes sense to await a more developed formation to sell into, or else await an hourly close below $1.1149. The key requirement for the bearish short-term view to also reflect a medium-term bearish confirmation comes with a break and hold below $1.1123.