EURUSD Consolidating now, but soon may reveal a new trend!!!EURUSD is consolidating between the red box shown. Previously, it can be seen that, this whole area between 1.17050 and 1.16630 is very choppy, and not the best area to place any trades.
Look at the market structure latest HH. If price pushes above 1.17050, we will continue in an uptrend, and then we will look for BUYS.
Now, look at the red trendline drawn. It is interacting with the consolidation zone. We have a very small pullback at the red arrow drawn. It exactly sits at 1.16630.
The point is, if price goes below that level, we will know that price is respecting the trendline and would most likely continue moving down. Therefore, we look for SELLS.
Obviously, we dont want to get caught in any fakeouts. So we will further look at how the candles are being formed later and what story they tell.
Now we wait and watch.
