The EUR/USD has entered a period of consolidation. In consolidation, A simple idea is to anticipate downswings from resistance levels and overbought conditions, as well as buy from support levels with oversold conditions. As we enter the Asian session, the 1H chart shows the market tapping the 200-hour simple moving average near 1.28 (closer to 1.2820). This level coincides with the support area of a previous, brief consolidation during May 14. We also see a bearish divergence with the RSI. This suggests Asian-session downswing that can extend into the European session. A conservative target is back to the 1.2750 ... (full story)