EURUSD fell on yesterday session reaching a new low at 1.1752 but has ultimately failed there again and has since rallied back toward 1.18 handle. This comes after the pair found strong selling at its 10-day moving yesterday. Looking at a technically sound downtrend, though momentum has slowed and this is evident in the form of the mostly sideways channel we have seen since January 7th. This is the most consolidation we have seen since the rally toward 1.26 in mid-December, increasing the odds that we could see a more substantial bullish correction here toward 1.20 or, at least, more sideways consolidation.
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