EUR/USD Consolidation levels
The EUR/USD broke through major resistance of 1.2900 earlier this morning as far as hourly charts is concern. Once it passed beyond this level, it has consolidated for the most part between 1.3000-1.3050 throughout the day.
Based on the daily chart, we can conclude the pair is currently in a consolidation channel between 1.2650-1.3033 which makes it difficult to trade not knowing if we can get a clear breakthrough 1.3030 to take this pair for a long ride. Otherwise, a retracement could happen between 25% and 38% FIB levels.
Based on the daily chart, we can conclude the pair is currently in a consolidation channel between 1.2650-1.3033 which makes it difficult to trade not knowing if we can get a clear breakthrough 1.3030 to take this pair for a long ride. Otherwise, a retracement could happen between 25% and 38% FIB levels.
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