After completing a move, as depicted by the extension on the chart, it is normal for the asset to consolidate. While it is doing so, we have to remain patient. EURUSD may be one of the biggest macro drivers in markets and we have to take our cues by running correlations and looking at different time frames.

We remain LONG as a tactical position, as we feel this consolidation could lead to a minor mean reversion (1.1700+). Our stop is below 1.1520.