Looking at EURUSD Chart, we can see the recovery on December 8th from its new support level of 1.124 where it bounced strongly, climbing back up in the 1.129 price range but also surging further up on December 9th where it topped at 1.135. Since then it has been unable to hold on to any gains, slowly losing ground without any signs of consolidation. It is currently found trading at 1.129 price range having 1.127 its closest support and overhead resistance the 1.132.

Today, we could expect an attempt to consolidate at the current price range possibly moving towards the 1.132 resistance level.

However, if it doesn’t manage to hold on to the current level, then a case for moving back down towards the 1.127 resistance level can be expected. 

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