EUR/USD consolidates after ECB drop
EUR/USD sold-off sharply yesterday, following on from an European Central Bank (ECB) announcement which seemed to have something for both bulls and bears alike. The bears certainly won out, with price falling back down to the $1.0600 mark.
For now, we have not necessarily negated the resurgence of the pair that has been playing out over the past week. As such, we need to see an hourly close below $1.0525 to point towards another strong leg lower.
However, in the near-term, the break from this current consolidation could provide us with the clue of what is to come.