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EUR/USD turning lower within consolidation
EUR/USD looks set for further consolidation, with the pair turning lower this morning. Essentially, what we are looking for here is a break above $1.1684 or below $1.1625 to guide the short-term outlook.
A break below $1.1625 in particular would be notable as it is likely to be preceded by a failure to create a new high, above $1.1684. Should that occur, we would be looking at a possible retracement into the $1.1560 region. Conversely, an hourly close above $1.1684 would likely point towards a resumption of the recent uptrend.
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