EUR/USD Shows Signs of Recovery in European Session.
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In the European session, the EUR/USD pair has been regaining lost ground and currently trades above the 1.1000 level. Despite mixed results from Germany's ZEW Survey, the pair has benefited from the recent weakening of the US Dollar and US Treasury bond yields. Furthermore, the Euro has been supported by remarks from ECB Wunsch. As we highlighted in our previous analysis, the pair has found support at the 50% Fibonacci level, coinciding with a dynamic trendline, and has subsequently rebounded, reaching our initial take profit level today. We anticipate a continuation of the bullish trend.
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