The EURUSD currency pair briefly managed to rise off the support area near 1.0885 – 1.0879 level.
However, this bounce saw prices falling back once again, giving up modest gains.
For the moment, the consolidation appears to continue. Therefore, the support area near 1.0885 – 1.0879 will be critical in order for the currency pair to post any gains.
Given the bias, there is a possibility that the EURUSD will break down below this support area.
This will potentially see prices pulling back even further, erasing the gains made over the last few weeks.