EUR/USD: Pulling-Back Up To Monthly Pivot

The EUR/USD pair was in a mini-downtrend after breaking down through the trend-line for the move up from the 1.0461 lows, however, now it has pulled-back into the monthly pivot at 1.0813 and is currently being resisted by that pivot at that level.Despite this small recovery move the pair is still in a very short-term down-trend confirmed by the trend-line break, nevertheless, it is a fledgling trend that might be easily broken.Therefore I stick to my previous targets of 1.0700, and then from 1.0665 down to the 100% extrapolation of the height of the peak before the line-break at 1.0591.

EUR/USD 1 Hour Chart

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