The past month has been hectic for the EUR/USD. We’ve seen prices rally over 700 pips to a high of 1.1713, only to fall back down to 1.1150 in the next five days. One Euro is currently selling for 1.1232 U.S. Dollars, off by almost 500 pips from the highs.

But despite the blowout top, the trend is up, as indicated by a sequence of higher lows and higher highs. I expect to see some stabilization in the Euro but with an upward bias. I place my target at 1.1415 because this is just below a series of important swing highs for the pair. I think the bulls will have trouble going higher then this level in September.

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