EUR/USD continues to stall at key support
EUR/USD continues to trade sideways above the $1.0851, in what looks like a possible precursor to a strong move lower. A break and close below $1.0851 would provide greater confidence that we are going to see the next medium term retracement come to fruition for the pair. That would point towards a potential move into the likes of $1.0785 (50%), $1.0734 (61.8%) or $1.0671 (76.4%).
Until then, there is a chance that with an hourly close above $1.0893 we could retrace into $1.0950 region before turning lower once more.