Thursday, 25 May 2017

EUR/USD Began a Wider Consolidation




The fundamentals yesterday did eventually push the EUR/USD pair to break out above its tight sideways consolidation above the support at 1.1175, but the move to the upside ended up being rather short-lived, because the pair could not even reach the previous high at 1.1267 and bounced off from 1.1250 after forming a very obvious spinning top candlestick on the four-hour time-frame. Currently EUR/USD is still moving to the downside and it will likely reach the support at 1.1175 once again, indicating that it has begun a wider sideways consolidation between 1.1160 and 1.1270. The continuation of the movement in either direction depends on the pair breaking out either above that support or that resistance.

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