EUR/USD retracement phase to continue
EUR/USD has been gaining ground since the Thursday low, with a rising wedge pattern coming into play. This provides greater confidence that the pair is simply retracing the downturn from $1.1593.
As such, while it looks probable we’ll see further upside if trendline support is respected, any such gains look likely to represent a temporary rally, with a good chance of another leg lower before long. A break above $1.1593 would be required to negate this bearish outlook.