EURUSD Consolidating Above 1.1715

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The euro currency is likely to prepare for a move to the upside. Price action is firmly consolidating above the 1.1715 – 1.1700 level where support is being formed.

The Stochastics oscillator currently looks a bit mixed. However, we could see the 1.1900 level challenged once again if price action establishes support near this region, 

To the downside, if the EURUSD loses the support, then we could expect a decline down to the 1.1600 level eventually.

The longer-term hidden bearish divergence is also something to make note of.

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