Potential for corrective upside in EUR/USD

The euro was showing some strength last Friday after an extended downtrend from the 1.5140 top. The pair pulled back from the 1.2600 resistance where an upside breakout would trigger further short-term gains while below the 1.3100 level I would still treat the upmove as corretive. The 4h timeframe shows a bullish 1-2-3 reversal which with a trend channel overshoot. As long as 1.2300 level is support I will look for bullish setups on the 1h timeframe.


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