The euro bounced back after the core PCE of the US stayed subdued in May.
After rallying above 1.1910, price action has turned this former resistance into a support base. The current consolidation could be an accumulation phase for the buy- side.
Early bulls are aiming at the psychological level of 1.2000. A bullish breakout would force sellers to unwind their positions and trigger a recovery above 1.2100.
In the meantime, buyers could be getting involved while the RSI is in the neutral area.
