EUR/USD at the Crossroads

FX:EURUSD   Euro / U.S. Dollar
No other forex pair gets the media attention of EUR/USD             . There is a growing consensus that at least in the near term the rally from the 3-16 low is coming to an end. The headlines show that a selloff will begin soon and bring price down to an area of prior congestion around 1.09 before resuming an uptrend.

EUR/USD             likely to end this quarter around 1.09 levels – Nomura

EUR/USD: 3 Technical Reasons 1.1050 Support Could Give Way

The chart confirms the concern but the price action is not yet complete to validate the change in direction. Price has broken the lower median line pitchfork but is still above the 1.1050 support line. In fact today’s price action leaves a lower shadow showing some buying pressure. I believe we will see lower EUR/USD             eventually but preceded by consolidation first. Price as been moving aggressively for some time and a gentle back test of that lower median line parallel is in order before the price fall the market expects.

See the chart.
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