This week will be pivotal for determining whether or not current sell of has more legs to the downside or we're still going to move in consolidation. We have to keep in mind that the seasonal pattern suggest stronger euro by the end of the year but with such a strong bearish trend, EUR/USD can ignore this pattern and instead consolidate even more which is a far more better proposition.

Right now the big two levels to watch are the big psychological number 1.1500 which is acting as resistance and 1.0800 support level. What we really need is a break of one of this two levels in order to escape from this consolidation and get a big swing wave.

Best Regards,
Daytrader21
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