EUR/USD rally peters out
The sellers are attempting to take charge again, pushing EUR/USD back from yesterday’s highs. They still have to break the $1.15 support zone, which would mark a particularly bearish development.
A possible first area of support in case of any sustained downturn comes in at $1.1285. For the time being, the bearish view continues to hold unless the price can recover $1.1630 and then move above the pattern of lower highs that has dominated since May. This would require a move above $1.1760. Any rally that fails to recover this level would likely constitute another selling opportunity.