EUR/USD Consolidates With Corrective Risk Building Up
EUR/USD: EUR/USD consolidates with corrective risk following a halt in its broader weakness on Wednesday. This is coming on the back of its long-tailed candle formation at the end of Wednesday’s trading session. This development suggests a temporary bottom may be in place. If this occurs, expect more recovery higher with eyes on the 1.0699. A cut through here will open the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level, where a break will expose the 1.0850 level. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level, with a turn below that level targeting the 1.0450 level. All in all, having halted its broader downside pressure, EUR/USD consolidates with corrective risk.
EUR/USD Daily Chart