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Will EUR/USD fall from consolidation?
The pair has been consolidating over the early part of April, following on from a sharp appreciation in late March. There is a clear uptrend in play since the December low, yet it has typically been a trend with wide swings in both directions.
With that in mind, there seems to be a good chance we could see some of those late March gains taken back in the coming days. The key will be whether we see an hourly close below 1.1335, which would provide a bearish view for the short-term, where Fibonacci levels of 1.1291 (50%), 1.1257 (61.8%) and 1.1214 (76.4%) would be the support levels to watch.
However, it is worth remembering that we are clearly trending upwards over recent months and thus a failure to break below 1.1335 would hint at further upside. Resistance levels of note are 1.1438 and 1.1495.