EURUSD Making A Pullback As Bunds Hit A Supportline

The USD is seeing some recovery as stock market comes down where more expected weakness in the near term means that EURUSD correction can be deeper. From a technical perspective we still see bunds at the trendline support which is another reason for a pullback on EURUSD, as bund yields move down which is something that ECB wants.

Technically speaking, pullback is normal for the EURUSD as rally from April low is seen in five waves; so it's a pause on the way up it seems. Support is at 1.1940 and at the trendline, while invalidation level is clearly visible near 1.1700