EUR/USD bounced very sharply from 1.0560/56 lows after a bottom at 1.0549. Resistance at 1.0635/38 is the main challenge for bulls again today. However a break higher is not out of the question and targets 1.0655 then strong resistance at 1.0685/90. Watch for a high for the day as we become overbought short term. Shorts need stops above 1.0705. Be ready to buy a break above here, however, to target 1.0725/29, then an excellent selling opportunity at 1.0775/79.
Holding below 1.0635/38 risks a slide to 1.0590 and perhaps a retest of 1.0555/49 lows. Obviously a sustained break below here is a sell signal and targets April lows at 1.0529/19. Just be aware that further losses target the year low seen in March at 1.0460/56.