EUR/USD consolidates with corrective risk following a halt in its broader weakness on Wednesday. This is coming on the back of its long-tailed candle formation at the end of Wednesday trading session. This development suggests a temporary bottom may be in place. If this occurs expect more recovery higher with eyes the 1.0699. A cut through here will open the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level.
On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. All in all, having halted its broader downside pressure, EURUSD consolidates with corrective risk.
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