EUR/USD consolidating after sharp drive higher
EUR/USD pushed through the crucial $1.2355 resistance level yesterday, bringing about a more bullish drive towards the 61.8% and 76.4% retracements.
The former has been hit, yet another drive higher looks likely. However, given the sharp push higher yesterday, there is a strong chance we could see the pair move into retracement mode in the near term. This would be viewed as a short-term move, unless we see a break back below $1.2269 to signal a bearish shift. To the upside, look out for Fibonacci resistance at $.2461, with the pair still having a strong likeliness of turning lower given the break below $1.2205 last week. A rally through $1.2556 would be required to negate that view.