The pair has formed both a hammer and an inverted hammer bar on the H4 time frame at 1.1730. I think that is a good indication that the support at that level will hold.
EUR/USD is consolidating above 1.1570 for a third day now. A breakout below that support could lead to a drop to 1.1400.
EUR/USD is testing 1.1670 again, which is the resistance of the sideways range. Frankly, I doubt there will be a breakout before the NFP, but then again, stranger things have happened.
EUR/USD is testing the support at 1.1570. It may be forming a double bottom at that level and if that is the case we will likely see a new move to the upside.
EUR/USD did break out below the double bottom at 1.1570 but it was only briefly and now it is back above the support. Clearly the sideways consolidation continues.
Sorry but there is zero double bottom at 1.1570. Neither there is a support until 1.12/1.13. Keep in mind the big picture : H&S. Long dollar until 1.12/1.13. Maybe a last rebound / dead cat bounce @1.1750 / 1.18 before the plunge? CM
The (MA)89 indicator on my W1 chart is at 1.1300 at the moment, and it usually is a good indication for a support or resistance level, so I agree that there's a support level there. That said, you were right that there was no double bottom. We'll see how it will develop.
Looks like a dead cat bounce... I thought rebound would be max 1.1750 / 1.1800 ! cf my precedent post. Right shoulder confirmed if EURUSD stays below 1.1885. Wait and see... CM
There was a pullback from 1.1860 which is normal after such a sharp rally, but now the question is whether that rally will continue because the pullback also formed a shooting star candlestick on the daily time frame. A breakout above 1.1860 will confirm the further bullish movement.