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EUR/USD retraces after recent rally
EUR/USD is pulling back, after a week of gains that took the pair into a three-year high. This recent breakout from consolidation brings us back into the primary uptrend.
So far, this morning’s retracement has taken us into the 76.4% Fibonacci level. This is expected to bring about bounce, with a drop below $1.2384 required to negate this short-term uptrend. That being said, be aware that with the European Central Bank (ECB) meeting due today, there is a significant chance that Mario Draghi will seek to devalue the euro, raising the likeliness of short-term volatility.
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