$EURUSD Forex Signal: Weakly Bullish Consolidation Above $1.1000
I wrote last Monday that we were seeing a weakly bearish and consolidative pattern in the price movement, with new closer support and resistance levels printing. I thought that this pointed towards lower volatility and more ranging price action with the price likely to remain between $1.1000 and $1.1072 over the day, but if the price could break below the big round number at $1.1000 it would be likely to fall to $1.0955.
This was a good call as the range I indicated held during the London session last Monday, with the price then going on to break below $1.1000 the next day and fall to a low very close to $1.0955. The price has recovered as the US Dollar has stopped rising over the past few days, except for a few short-term surges, so we see the price remain quite consolidative and choppy with a few key levels close by.
We now have a weakly bullish short-term consolidation above the support level at $1.1012, but it is far from clear what direction the price will take today., such as some of the Japanese Yen crosses like GBP.JPY, or the USD/JPY pair, as there is more directional movement and volatility in the Yen. If you really want to trade EUR/USD today, I thinklooking for a long trade between $1.1000 and $1.1012, or a short trade if the price reaches $1.
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