After extending its downward rally toward a fresh 2-week low at 1.3697, EUR/USD has bounced off lows. EUR/USD managed to trim part of the previous losses, rising around 70 pips this Wednesday in Asia and currently trades at 1.3770, 0.33% above its opening price.
From a technical point of view, Ian Copsey, analyst at FX-Forexcaster.com commented, "I feel there is support in the 1.3682-00 area which should hold for a correction higher. Look for bullish trade set ups in this area. From here I will be expecting a recovery back to the 1.3746 corrective high initially and after a correction the pullback should deepen to 1.3824-43".
"Look for bearish trade set ups in this higher area. Only above the 1.3890 pivot resistance and 1.3926 would generate a stronger recovery", Cospey added.