Euro pares losses, but can it breakout higher?

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The euro currency is posting an impressive recovery. Prices are up over 0.40% intraday and currently attempting to test the Friday highs from last week.

Gains are mostly driven by a weaker US dollar. For the moment, this retest near the 1.1350 level will be critical for the common currency.

If the euro fails to breakout above this level, then we expect a correction underway.

A break down below 1.1262, which marks the previous higher low, will confirm this.

It will open the way for EURUSD to extend its correction down to 1.1132.

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