Bouncing off of 1.3300 psychological support, EURUSD has continued to remain mired in short term consolidation. Further advances higher on the 1.3500 will continue to be contingent on a sizeable break above the 1.3394 resistance level. Any failure to rise above the figure will place consideration on a break down below the psychological 1.3300 barrier. Unfortunately, the latter situation would prompt a consideration of a medium term decline – with price action already forming a rising wedge.