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Some consolidation likely for EUR/USD – FXStreet

FXStreet (Barcelona) - Ani Salama, Analyst at FXStreet, sees a consolidation likely for the EUR/USD pair before any bullish attempt.

Key Quotes

“EUR/USD tested the 1.2600 level Wednesday heading into the FOMC minutes but failed to sustain gains and pulled back, extending the slide during current session, hurt by weaker-than-expected Eurozone PMIs.”

“Short-term indicators are losing bullish potential, with momentum and RSI heading lower still above their midlines. As long as EUR/USD holds above 1.2500, the upside seems favored, with 1.2600 as next target, followed by the 1.2616 (50% Fibo of 1.2882-1.2357). However, a phase of consolidation will likely precede another bullish attempt.”

“On the other hand, a break below 1.2500 would expose the downside, with the 1.2440/1.2400 area as key support defending 2014 low at 1.2357.”

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