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EUR/USD weakness could be short-lived
EUR/USD has been moving lower over recent days of trading, coming off the back of a break through the key $1.1268 swing high. That break means that we remain within an uptrend and as such this short-term weakness is likely to be a retracement rather than a reversal.
So far we have seen the price retrace to the 61.8% level, yet we could quite easily move lower once more. Another move into the $1.1151- $1.1167 support zone (76.4-61.8%) would provide a good buying opportunity. As long as the price doesn’t break below $1.1109, a bullish outlook remains in play.
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