EUR/USD Shows Signs of Recovery

EUR/USD is trading higher in today's early European hours. The pair was exhausted from the fall that occurred in the last couple of weeks going from a high of 1.1280 to a low of 1.0964. Currently, price is 1.0986 with a high of 1.0994. The Euro remains weak and the trend seems to be strongly bearish, suggesting that the continuation of the move is likely to proceed. 

The downmarket is a good opportunity to go long if you are able to buy the dip, although major banks' forecasts suggest that the Dollar would continue to gain strength until the end of the year. If the FED actually raises rates this would be another milestone that would play a significant role in the appreciation of the US currency.

Until then, the pair remains in the bearish camp with first support seen at the last low and major support at 1.09. On the other hand, first resistance is seen at 1.10 and major resistance is seen at 1.1057.

Chart: EUR/USD H4