EURUSD consolidate already 5-weeks at 1.12.

[mlawson71]

The zone around 1.1860 - 1.1870 is proving to be a very strong resistance zone, the pair bounced from it yet again and it looks like it will begina sideways consolidation between that zone and 1.1730.

[mlawson71]

It looks like the drop won't be continuing any time soon. EUR/USD bounced off from 1.1740 and it will probably rally towards 1.1900 again.

[mlawson71]

It's possible, but the continuation of the bearish trend will be confirmed after a breakout below 1.1600, in my opinion.

[mlawson71]

EUR/USD rebounded from 1.1665 and continued rallying. It's testing 1.1870 and I think if it breaks out above that level it will reach 1.1980.

[mlawson71]

Today will be announced the FOMC meeting minutes, so we can probably expect major volatility on all USD-related pairs. I recommend caution when trading them.

[mlawson71]

As I thought it would EUR/USD started moving to the upside. The pair is currently testing 1.1800 and I think it may reach 1.1850.

[mlawson71]

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EUR/USD found some support at 1.1665 and rebounded from that level. What is more, the pair has formed a clear hammer candlestick on the daily time-frame, also at the same level, so there will likely be a new move to the upside.

[mlawson71]

Talk about much ado about nothing, all that the NFP caused this time was a 70 pips long whipsaw. The pair remains undecided, we'll see next week whether there will finally be a true breakout below 1.1700.

[mlawson71]

EUR/USD is consolidating above 1.1700. The consolidation likely won't end before the NFP on Friday. NFP weeks tend to be terribly slow up until the news come out.

[mlawson71]

It looks like EUR/USD is rebounding from 1.1730. I think it may rally to 1.1800 or even above that level again.

[mlawson71]

I think the bullish trend is definitely over for now - EUR/USD has begun a serious correction. I think next target will be around 1.1600, which is the MA89 on the daily time frame.

[mlawson71]

EUR/USD has been consolidation sideways for well over three weeks now and not even the FOMC news could end the consolidation. That said, the pair has formed a hanging man bar on the weekly time-frame at 1.2030, a correction to the downside is possible.

[mlawson71]

EUR/USD dropped significantly after FOMC announced yesterday that they won't hike the interest rate. However, despite the drop, the pair remains withing the sideways consolidation above 1.1859. I think next target will be 1.2030 again.

[mlawson71]

A reminder that the FOMC interest rate announcement will be in a few hours - expect major volatility when that happens!

[mlawson71]

The EUR/USD retracement is either over or the pair has begun to form a sideways consolidation above the support at 1.1835 because the pair formed a hammer bar above that level on the D1 time frame and bounced off from it. Which one of these scenarios is more valid depends on whether there will be a breakout above the last high at 1.2092 or the pair will bounce off from it again.