EUR/USD seeks to extend wider retracement
EUR/USD continues to climb in what looks like a potential deeper retracement beyond the 50% mark briefly surpassed last week. Ultimately, whether we surpass last week’s high of $1.1188 will dictate whether we expect a move into the 76.4% retracement area or not.
We are trading within a rising wedge which provides us with a potential bearish breakdown scenario, yet for now we have seen little to show us this short-term rally is going to come to an end. However, an hourly close below $1.1105 is required to negate this current rally.