The euro entered a phase of horizontal consolidation between 1.2244 and 1.1920, polarity line, moving from the 200-period moving average close to a Fibonacci retracement level of 61.8%.

The trend remains bullish as long as the European currency remains above the horizontal consolidation between 1.2244 and 1.1920, the polarity line and the passage of the moving average. Prices could start to rise again.

The crossing of 1.2244 would give the signal of a consolidation exit and a progression towards the highs of the year at 1.2350 and then towards the resistance at 1.2556. The break in the supports in the 1.1890/1.1920 zone would cancel out the medium-term uptrend.