As outlined on the daily perspective, most majors are showing similar price structures, ones which are characterised by lollygagging exchange rates, surrounded by ever converging technical levels such as moving averages, pivot points, volatility bands and recent highs and lows. Momentum indicators are surely reflecting the current consolidation seen in their charts.
Under this scenario, and without entirely dismissing my previous EURUSD analysis connoting a South move, I would prefer a clearer directional break out of the current congestion, before adopting fresh positioning. The EURUSD is presently hesitating between 1.1620 and 1.1420. Last week's and also last month's low represent the last line of support, before a downside continuation could become reality. On the upper side, a combination of Fibonacci levels and pivot resistances build the last line of defence for bulls.