Daily Forex Update: EUR/USD

The EUR/USD has enjoyed a steady recovery as the Euro continues to gain on the U.S. Dollar. The uptrend seen on this pair could be correcting lower after what has been a strong surge throughout the month of July - a surge that saw very little pullback. Due to the move lower during Wednesday's trading session, the 240-minute chart has triggered a reversal of the Channel Up pattern, which could usher in more bearish sentiment and a more significant move to the downside.