Looking at EUR/USD Chart, we can see the short-term downward trend came to an end on the 28th of January where it found support at the 1.112 level and consolidation in the 1.114, enabling the rebound and surge upwards well into the 1.122, where is now attempting to form a base. The closest overhead resistance can be found at 1.126 and the closest temporary support can be found at 1.122 and 1.118 respectively. It is currently found trading at a 1.124 price range.
Today we could expect an extension of the short-term trend and move towards the 1.126 as the positive momentum may be at play.
If however, it does not manage to consolidate or hold above the 1.124 range then a move towards the 1.122 resistance can be expected.
(Click on image to enlarge)
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