EUR/USD channeling higher towards 76.4%
EUR/USD has been gaining ground nicely this week, as the pair moves towards the deepest retracement of 76.4%. This period of upside was expected, yet the difficulty is in knowing whether we are retracing the short-term move of $1.1996-$1.1509 or the wider move from $1.2556. A break above $1.1996 would signal that wider move.
For now, there is a good chance of seeing another move higher before long, with a push into the 76.4% level expected. A break below $1.1652 would provide a bearish outlook. Until then, further upside seems likely in order to continue the short-term rising channel.