The good news for EUR/USD traders is that the uptrend is solid, the bad news is that it's taking longer to make a profit. nL1N2GF05K
EUR/USD is consolidating a big rise within 1.17-1.20.
This elevated consolidation is a bullish pattern that's held for five weeks.
It can be used to boost profits.
Speculators are an impatient bunch and consolidation has led to profit taking and several big dips.
When traders are holding the biggest bullish bet on record a lot of profit taking is required before the EUR/USD can rise quickly.
In the interim those long would be well advised to job (sell and buy repeatedly) their positions to try and improve their average.
EUR/USD has repeatedly gravitated to the centre of the 1.1695-1.2014 range, opening close to 1.1855 on 28 of the last 35 days.
Should traders sell and not see a dip they will have taken profit.
Frustrating maybe but still good news.
This range could hold until year-end when major position adjustment and thinner liquidity may allow for a breakout.
Dips will come.
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