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EUR/USD continues to consolidate
The pair continues to consolidate despite early signals of an upside breakout yesterday. The tops of this range have been less regular, with many coming between 1.1400-1.1413. However, the bottoms have been remarkably consistent, with the pair bouncing from within very close proximity to 1.1335 on four occasions now.
As such, given the current downward price-action, it is worth waiting for a move back to 1.1335 to either see another bounce towards 1.1400 or else a bearish breakdown. Should we return to that level, shorter intraday timeframes are important to gauge which of those two events are playing out.
Support levels of note are 1.1335, 1.1326, 1.1310 and 1.1291. Resistance levels to watch are 1.1376, 1.1413 and 1.1454.