The EUR/USD made a fresh low during the European session after manufacturing data out of the eurozone showed a sharper contraction in May than forecast. As we gear up for the US session, it remains above 1.25, and is developing a bullish divergence with the RSI.The bullish divergence and the fact the the reaction to the manufacturing data is being completely reversed are signs that the market is ready for some consolidation as we gear up for the US session. However there is near-term resistance pivot at 1.26. Note that in the 5/23 US session, we also had a bullish divergence, but the market failed to clear above the ... (full story)