EUR/USD Consolidating During Asian Session

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EUR/USD Consolidating During Asian Session

By Greg Michalowski on June 24, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

After a strong run for EUR/USD through the European and US trading sessions, the pair has consolidated throughout the Asian session searching for direction ahead of the FOMC minutes tomorrow. Looking at the chart below we see the pair broke what was some trendline resistance and came up short of hitting what was trendline support. We will look for the former trendline support to provide some resistance ahead of the June 3rd highs, while the 38.2% area and 4-200hr moving average below that to act as some short-term support.

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