We must admit that for that last two weeks EURUSD is consolidating. The price is currently trading within a narrow horizontal trading range on a daily. Taking into consideration that the pair is trading in a bearish trend, I still remain bearish biased.
The trigger that I am looking for to catch a bearish continuation is a bearish breakout of a yellow support cluster. We need a daily candle close below that to confirm the violation.
Then the price will most likely drop lower. Closest support will be 1.14
In case of a further decline, monitor a major falling trend line. It will be the next key support.
Alternatively, in case of a bullish breakout of the range, bullish continuation will be expected.
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