EUR/USD Gains Momentum, Consolidates Above 1.1580
The euro continues to climb against the dollar, with buyers pushing the pair to a high of 1.1581 on the 4-hour chart. EUR/USD is now consolidating gains above the 23.6% Fibonacci retracement level.
EURUSD
EUR/USD extended its uptrend on the 4-hour chart, with buyers driving the pair toward the 1.1580 area. A session high was printed at 1.1581.
The rally originated from a swing low of 1.1352. Following the push higher, the pair entered a consolidation phase and is currently holding above the 23.6% Fibonacci retracement of that upward move.
The ability to remain above this initial Fibonacci support suggests buying pressure persists. Traders will monitor whether the consolidation resolves with a renewed push to the upside.
Source: FXStreet Forex News