EUR/USD Began Consolidating Again

Only 12 pips were left for EUR/USD to reach the last high at 1.1268 and, as I suspected, it could not break out above that high after testing it once and slowly and hesitantly it began falling again.

However, the bars under the resistance zone around 1.1250 – 1.1260 were a timely enough signal for that.

What can we expect from the pair now? To begin with, I think there will be a development of the correction to the downside before the pair begins another rally to attack 1.1350, and after that  - 1.1500 – 1.1600.

In my opinion, the pair will form a C wave of the correction to the downside and it could reach 1.1050 – 1.1060.

We should not forget that tomorrow will be announced the US Change in Non-Farm Payrolls, which as a rule always cause a lot of volatility on the market, but I think that with or without the news there will be a correction to the downside. The large whipsaws caused by such news, however, are usually traded by the more experienced traders.