EUR/USD has been bullish since the middle of May, when European leaders commented about the EU coronavirus recovery fund. EUR/USD surged higher as a result in May, but during most of June we saw a consolidation in this pair in a tight range.

But, the consolidation period ended and EUR/USD turned bullish again, as the USD turned bearish. EUR/USD surged higher again, breaking the previous high at 1.15 on Monday. On Tuesday we saw another move higher, which took EUR/USD 1 pip short of 1.16.

Today, buyers had another attempt at the upside, but they couldn’t make new highs and the price reversed back down. After all, every trend needs a refreshing before the next leg higher. So, EUR/USD slipped lower, but found support at the 50 SMA (yellow) on the H1 chart and has bounced higher again now. We missed the chance to go long, since the bounce was pretty quick, but will follow the price action for another opportunity like this one.