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Consolidation above the previously broken downtrend depicted in the chart goes on for the 9th day in a row.
This took place after finding solid supply around 1.3200. The previous weekly candlestick had a small bullish body representing failure of the bulls to close above the high of the precceeding weekly candlestick at 1.3380 which is being tested again today.
On August 20, the EUR/USD pair managed to have a daily closure above 1.3400 when the market expressed bearish engulfing daily candlestick on the next day failing to fixate above it.
As it is expected, a rebound from Tuesday’s high (August 20) took place on the next day, back down toward support around 1.3400 then 1.3300, where the backside of the broken downtrend line is located, providing demand for the pair.
In general, as long as the market is contained above 1.3330 on a daily basis which was achieved on Thursday by daily closure at 1.3354, there is a potential for another bullish movement towards 1.3450.
Fundamentally, the market may witness quiet volatile trading day as investors remain cautious amid continuous concerns about the future of monetary easing program of the Fed.
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