The EURUSD bullish momentum was paused yesterday as market consolidated in a sideways movement, as you can see on h1 chart below. While technically this consolidation is normal after significant bullish momentum on Friday and Monday and another upside breakout is expected to continue bullish scenario toward 1.4500 and 1.4719, it seems investors were hesitating and waiting for key fundamental events this week before taking the next steps. Beside NFP on Friday, we have ECB rate decision on Thursday which expected to keep the rate at 1%.
Technically speaking, although we might not see big movement as market might still consolidatingÂ and wait for ECB rate and NFP, if we have a breakout to the upside from the sideways area today, there should be further upside momentum and 1.4500 is still a reasonable nearest target. As long as the pair stay above 1.4336 technical outlook remains bullish.