EUR/USD: Consolidation before higher
The corrective bounce from the 1.1952 weekly low of 5 February is settling into consolidation below 1.2150, whilst overbought intraday studies unwind. Daily stochastics and the Tension Indicator continue to track higher, however, highlighting a later break above 1.2150, but overbought momentum readings and negative weekly charts are expected to prompt fresh selling interest towards 1.2200. Meanwhile, support remains at 1.2100. A close beneath here, if seen, will turn sentiment cautiously Negative and put focus back on congestion around 1.2000.
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