FXstreet.com (Barcelona) - The Euro has been retreating from all time high at 1.6020 for the last two days, which, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, shows the beginning of a consolidation stage for the USD: The steady sell-off of the last two days suggests the US dollar is moving into a consolidation phase for the next few weeks. For this morning expect prices to hover either side of 1.5680.

In Elliott's opinion, the Euro Dollar will move within a range in the next sessions: Rallies are likely to be capped around 1.5800, the downside at 1.5600 today and part of next week.