EUR/USD Continues Consolidating

The long-term EUR/USD range that began at the end of May this year clearly continues because the pair tested the support around 1.1500 – 1.1530 and bounced off from that level yet again, after forming an inverted hammer candlestick and a hammer candlestick on the daily time-frame above that support level. Currently the pair is consolidating around 1.1600 but the move to the upside will probably continue and the immediate target is around 1.1655 – 1.1660. A breakout above that target could lead, at best, towards 1.1790 – 1.1800, which is the last high and it coincides with the (MA) 89 indicator on the daily time-frame.