EUR/USD Consolidating

EUR/USD has entered into consolidation on the first day of the week. The pair has been gravitating towards the 1.1230 level which appears to be a short-term resistance after price made a low of 1.1154 on Friday and then got a boost from the bull camp soaring to a high of 1.1250 in less than four hours.

Price is now 1.1233 as light volatility has settled in the market today. Light volatility is usually a sign of either a change in trend or an accumulation of force that will push price further in the same direction.

First support zone is expected at 1.1220, major support is seen at 1.1170. On the other hand, first resistance is seen at last high of 1.1250, while major resistance is seen at 1.1280.

Chart: EUR/USD H4