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EUR/USD consolidates within downtrend
EUR/USD has been consolidating this week, following a strong downturn in the final week of March. The price is currently back at the 61.8% Fibonacci support level, which has been holding so far.
Given the downtrend seen of late, this looks like a short term pause rather than a bottom, with a move down to 76.4% ($1.0591) a distinct possibility. As such, while the price remains below $1.0702, a bearish outlook remains favoured, with an hourly close below $1.0651 pointing towards the resumption of the trend.
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