The EUR/USD pair rose during the session on Friday to continue the consolidation that we’ve seen over the course of the last week. At the end of the day, we’re waiting to find out whether or not this is consolidation that’s in the above the downtrend line, or if we start falling from here. Because of this, we are simply waiting to break out of the consolidation before placing any trade and therefore are on the sidelines at the moment. If we managed to break below the 1.3150 level, we think this market goes down to 1.28 over the course of the next several weeks. On the other hand, if we get above the 1.3350 level, we think this market takes off to the upside.
Written by FX Empire