EUR/USD Holds Bullish Structure Despite Rejection Near 1.1700

The EUR/USD pair is holding its bullish structure despite being rejected near the 1.1700 level, which was also this month's peak.

The rejection at 1.1685, where the late May highs and the 78.2% Fibonacci retracement of the May-June selloff converge, has formed a $7-pip confluence that has been rejected twice.

However, the correction underneath this rejection is mild and orderly, with the spot holding above previous resistance at 1.1620, keeping the near-term bullish structure intact.

The ECB's accounts published on August 26 revealed policymakers were already planning for a further rate increase, potentially as soon as September, which has been priced in by the market since early July when the probability of a September hike sat near 70%.