The EUR bulls appear have got the second wind after the EUR/USD pair bounced off from the support on the hourly chart at 1.0869 (previous resistance). On the 15-minute chart, we also see a minor inverted head and shoulder pattern, with the neckline at 1.0912. The pair is on the verge of witnessing a breakout, which could push the spot to 1.0954. A 15-min candle close above 1.0912 would confirm the breakout.
However, the overall outlook stays bearish so long as the spot fails to see an hourly close above 1.0964 (50% of Mar-May rally). The level has acted as a strong support in June and as resistance earlier today.
However, the overall outlook stays bearish so long as the spot fails to see an hourly close above 1.0964 (50% of Mar-May rally). The level has acted as a strong support in June and as resistance earlier today.