EUR/USD heading back into key resistance zone
Following a strong move lower last week, EUR/USD has managed to regain some composure.
That break below $1.2205 completed a wider double top formation, with further downside looking likely. However, with the price approaching the $1.2455 swing high, there is a chance we could see a 61.8-76.4% retracement ($1.2402-$1.2461). With trendline support and the $1.2455 level, the ability to break and hold above that resistance zone will be key to determining whether we will see further upside over the near term or not.