EUR/USD rebound unlikely to last
EUR/USD has been pushing higher over the past week, reversing much of the downside seen throughout the first two weeks of the month.
With the price having gained so much, it looks likely that we are seeing a retracement of the wider deterioration from $1.1746. Thus, while this rebound is impressive, it is not expected to last. As such, while we could see another short-term bounce, a bearish outlook is in play now that we have seen the price move into the 61.8% to 76.4% retracement zone.