EUR/USD likely to turn higher despite early weakness
EUR/USD has been weakening into the open today. However, given the break through the $1.1456 level on Friday, it seems likely we will soon head back through last week’s high of $1.1489 soon enough.
With that in mind, the current pullback is perceived as a retracement before we move higher once more. Only a break back below $1.1370 would negate this view. Watch out for trendline support as a potential area for bulls to come in. Otherwise the Fibonacci retracements come into play below there.