EUR/USD Consolidating At 1.23

EUR/USD Consolidating At 1.23

EUR/USD is stabilizing at the 1.2340 range following recent rise at 1.2359. Hourly support and resistance are given at 1.2165 (17/01/2018 low) and 1.2537 (31/01/2018 high). The technical structure suggests short-term sideways trading moves.

In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).

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