EUR/USD consolidation likely to resolve higher
EUR/USD has been consolidating since the recent rally, with the price seemingly forming a descending triangle formation. This consolidation is unlikely to last, and unless the price falls below $1.1992, a bullish outlook remains in place.
With the $1.2026 support level marginally lower than today’s low, there is a good chance we will see a move higher from here. For greater confidence that such a move is in the offing, look out for an hourly close above $1.2066.