EUR/USD consolidating at Fibonacci support
EUR/USD is gradually regaining ground above the 61.8% Fibonacci retracement, with the price slowing the decline that has been so evident over the past fortnight.
To the upside, trendline resistance has been respected thus far, and should be watched closely as a near-term resistance level of note. Ultimately, a more bullish picture would come with a break through $1.2031 resistance. As such, watch for a break below $1.1936 or above $1.2031 as a guide on where the pair goes next.