EUR/USD – Stalking the Twist and Turns

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EUR/USD - Stalking the Twist and Turns

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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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.