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.
It's very range-bound.
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