EUR/USD is starting a bearish consolidation after reaching 1.1996 high, heading along the 1.1910 range. The pair is currently trading at end-December 2017 levels. Hourly support and resistance are located at 1.1812 (25/12/2017 low) and 1.2323 (17/01/2018 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).
