EUR/USD is starting a bearish consolidation after declining at 1.1817, testing hourly support at 1.1812 (25/12/2017 low) and heading along 1.1815. The pair is currently trading at end- December 2017 levels. Hourly resistance remains at 1.2323 (17/01/2018 high). The technical structure suggests short-term sideways trading moves.
In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).