At the end of December, EURUSD briefly increased above the 1.1010 level, reaching a peak of 1.1140. However, this upward movement proved to be fleeting, and by early January, the pair had retreated back below the psychologically significant 1.10 level. Now, the major currency pair is caught in a consolidation phase, sandwiched between the support zone at 1.0900 and the resistance at 1.1010. At present, the technical conditions favor further sideways movement until the price breaks out in one direction or the other. If the price ascends, the target for buyers lies at the December highs of 1.1040. On the other hand, a break below the 1.0900 support could trigger a downward correction towards 1.0750.
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