EUR/USD Bullish Outlook Following Double Bottom Reaction

Following our previous analysis, the EUR/USD pair showed a notable reaction to the double bottom pattern we forecasted on Friday. The price bounced off the 1.06800 level, indicating a potential continuation of the bullish impulse.

This movement is further supported by the lack of high-tier data releases from the US economic docket in the second half of the day, which means that the USD's valuation is unlikely to be driven by new economic data. As a result, investors are expected to respond primarily to changes in risk perception.

On Friday, PMI data from the US indicated that business activity continued to expand at a robust pace in June. This data helped the US Dollar (USD) maintain its strength ahead of the weekend, preventing the EUR/USD pair from gaining significant traction.

Given these factors, we anticipate a continuation of the bullish trend for EUR/USD. We will continue to monitor market developments closely and adjust our strategy as necessary to capitalize on this potential upward movement.