The EUR/USD has consolidated in a sideways triangle pattern. It looks almost complete as it narrows into the apex. A break below the 1.2228 level would signal a continuation down, probably to 1.2160 where the weekly pivot is situated. The 1.2324 high would have to be breached to activate a breakout higher with the monthly pivot at 1.2380 providing the initial target and then the 1.2430 at the longer-term trend-line providing the next target.
Written by Forex4you