Consolidation: The EUR/USD has been in consolidation since September, when it found resistance at 1.3170. Since then, we have basically completed an ABC correction as we begin this week of trading (11/5). Although recent price action has been bearish in the last couple of weeks, the picture in the daily chart is still within the context of consolidation. Note the RSI reading is at 40. A break below 40 will be needed to reflect a loss of bullish or consolidation momentum. Although the 1.28 psychological and previous support pivot is broken, there is a last line of defense at 1.2745. Breakdown: A break below 1.2745, ... (full story)