EUR/USD uptrend expected to resume
EUR/USD has managed to break out of a bullish wedge pattern, following a move back into the crucial $1.1715 support level. The subsequent rally through $1.1824 points towards an end to the weakness seen over the past week.
As such, while we are seeing the pair selling off this morning, it is likely that this will be a fleeting period of weakness. Watch out for potential support from the Fibonacci support levels, where a deeper retracement is seen as a good buying opportunity. A bullish view holds unless we break below $1.1748.