EUR/USD Rejection at 1.1700 Fails to Deter Bullish Trend
The EUR/USD pair has been holding onto its bullish structure despite rejection at levels near 1.1700 and this month's peak at 1.1710.
The failure point lies at the late May highs of 1.1685, where the bulls could not find acceptance above it, forming a $7-pip confluence with the 78.2% Fibonacci retracement of the May-June selloff at 1.1692.
The three-month high near 1.1697 printed on August 21 has not been threatened since.
The correction underneath this rejection is mild and orderly, with spot holding above previous resistance at 1.1620, the June 16 and August 17 highs.
This keeps the near-term bullish structure intact, as evidenced by the daily Relative Strength Index sitting above 65 and MACD remaining in modestly positive territory, both consistent with constructive momentum rather than a topping pattern.