- EUR / USD extends the consolidation move above the 1.18 level.
- Additional losses appear to be supported near 1.1790 for the time being.
The EUR / USD pair has entered a consolidation phase around the 1.18 level along with the prevailing caution ahead of the ECB event on Thursday.
The continuation of the lateral movement seems likely, at least in the very short term. A breakout of this multi-day consolidation is expected to face a deeper pullback towards the 1.1700 area, while the resumption of the uptrend faces an initial hurdle at 1.1880.
Looking at the broader scenario, the EUR / USD bullish view is expected to remain unchanged as long as it remains above the 200-day SMA, today at 1.1304.
EUR / USD daily chart
Credits: Forex Street
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