EUR/USD has been consolidating. The USD has stalled its gains, and the euro has stalled its decline. Let’s take a look at the technical developments and the twist and turns of the current consolidation.
The 1.1440 level acted as resistance last week, and held again this week. Still there is bullish bias seen in the 1H chart if price can hold above 1.1360. A break above 1.14 would expose the 1.1440 high as well as the 1.15 area, which is the high of the February consolidation. A break above 1.15 exposes the 1.16-1.1650 area, 1.1650 being the resistance of a consolidation period in mid-January.
A break below 1.1340 however would expose the 1.1270/80 common lows seen in the 4H chart, with risk of EUR/USD falling back towards its low on the year around 1.11.
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