EUR/USD Looks To Consolidate

Taking a look at EUR/USD daily chart it's clear we have not seen too much movement over the course of the week Last week we saw price show bearish action on Thursday and Friday. This may now lead to price showing a retracement.

Market participants could then be looking for a higher low to form. A new higher low would be a nice opportunity to take a long position. Before taking any positions, it would be best to wait for the market structure to change.

The EUR/USD could still post gains especially in times when the USD's reputation has been somewhat altered and the Euro is winning points against major competitors.

Chart: EUR/USD D1