EUR/USD Is Consolidating

EUR/USD bounced off from the resistance at 1.1270 after forming a spinning top candlestick on the four-hour time-frame at that level and started moving to the downside, before halting above the support at 1.1175 and it has been consolidating sideways above that level since yesterday, waiting for the major fundamentals that will affect the market today. Namely, in the next several hours there will be a speech by ECB President Mario Draghi, the Crude Oil inventories data will be released and finally the FOMC meeting minutes will also be released. While EUR/USD is forming spinning top candlesticks above the support at 1.1175, which under normal circumstances would be a tentative signal for a new move to the upside, the fundamentals today could significantly change that. It all depends on the news.