EUR/USD: Rebound and Pullback Awaited for Further Upside

The EUR/USD currency pair continues to exhibit a bullish uptrend, with the price having already experienced a rebound within the range of 1.09500 to 1.09800. Currently, our focus lies in this specific zone, as we anticipate a pullback that would retest the area around 1.08600. Such a pullback could potentially pave the way for a new bullish impulse, indicating a fresh wave of upward movement in the pair.

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EUR/USD trades in a narrow channel at around 1.0900 on Monday, following the sharp decline seen late last week. In the absence of high-tier macroeconomic data releases, the cautious market stance is likely to continue to weigh on the pair. We are looking for Short continuation.