EUR/USD has been in a consolidation since late last week, consolidating its losses after failing to sustain levels above 1.3300. A rising support line off the lows from just below 1.30 comes in just below 1.3050 this morning and looks vulnerable. Don;t expect an explosive break to the downside as the consolidation is a bit long in the tooth and nearing the apex with a downtrend drawn off the 1.3300 highs from last week. A sustained move above 1.3090 takes the downside pressure off in the near-term.
Bottom kine: Looks like a sell on rallies below 1.3085 for the near-term.
