FXstreet.com (Barcelona) - The Euro has bounced up strongly in the US session pushed by the possibility of a rate hike in July, according to the ActionForex technical team: EUR/USD's strong rebound from 1.5365 indicates that an intraday low is in place and outlook is turned neutral for the moment.

For the next sessions, The ActionForex team does not discard further recovery: More recovery could be seen but further decline is still in favor as long as 1.5628 resistance holds. As discussed before, fall from 1.5818 is treated as resumption of the whole fall from 1.6019. Break of 1.5284 will confirm this case and bring deeper decline to 100% projection of 1.6019 to 1.5284 from 1.5818 at 1.5083 first.