EUR/USD has dipped to 1.0775 as I write and must hold here to build a further recovery and target first resistance at 1.0820/25. This is the main challenge for bulls today but shorts need stops above 1.0840. A break higher, however, sees 1.0825/20 act as support to target 1.8055/60 and perhaps as far as strong resistance at 1.0881/85. A high for the day expected if we reach this far. Try shorts with stops above 1.0905.
Failure to hold above 1.0775 is less positive and risks a slide to good support at 1.0739/35. Again today, longs need stops below 1.0710. A break lower is a negative sell signal, despite oversold conditions and could target 1.0690/87 then 1.0677. If we continue lower look for a test of minor support at 1.0650/46.