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EUR/USD consolidates below key resistance
EUR/USD is trading sideways this morning, following an attempted recovery back into the crucial $1.1450 resistance area. The descending trendline at that level represents a key long-term resistance to keep an eye out for, and as such we are at a pivotal area, which will either see this market reverse lower, or punch higher.
A four-hour close above $1.1450 would provide a strong bullish signal for a continuation of the recent strength. Given the shallow nature of this recent consolidation, it would look like we are set for further upside. However, with key resistance ahead, it may make sense to await the resolution.
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