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13.08.202009:59 Forex Analysis & Reviews: EURUSD respects 1.17 support

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EURUSD has held above key short-term support at 1.17. In previous analysis we noted the importance of 1.17 support. In order for price to make a bigger pull back towards 1.16-1.157 we needed confirmation with a break below 1.17. This has still not happened.

Red rectangle- resistance

Blue rectangle - suspport

EURUSD is bouncing off key short-term support. Price is mostly moving sideways between 1.17-1.19. This consolidation phase is normal as price made an impressive upward move from 1.08 to 1.19. Some consolidation time or correction time is justified. Since we do not break below 1.17 support we should expect this sideways action to continue. Breaking above 1.19 will be a short-term bullish signal and could push price to new highs towards 1.20-1.21.

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