EUR/USD tumbles following deep retracement
EUR/USD is selling off after an overnight rally which took us into the 76.4% retracement.
This deep retracement allows for better risk-to-reward trade entries. We are now seeing the pair push back towards yesterday’s lows, with the trend looking set to resume once more. Therefore look for a break below $1.1530 as a trend continuation signal, where rebounds are there to be sold into. A break above $1.1627 is required to negate this bearish outlook.