EURUSD consolidated all week above the 200 SMA after reaching new highs from the French election results. The pair is currently caught between two support/resistance levels indicated by the dashed blue lines. A break and close of either level should indicate a move in that direction. But I'll be looking to the U.S. data releases this week for further confirmation. As of now, we see the pair stalled at the .618 Fib of the post U.S. election slump. With the pair being overbought and plenty of U.S. data ahead, I am expecting this pair to break back down below the 200 SMA where it has been since the US elections in November. Key levels to the downside to watch are the .50 Fib (1.08211), the .382 Fib (1.07068) and the trend line (red dashed line) which is supporting the uptrend the pair has been in since the start of the new year. On the bullish side, the key level is the .618 Fib (1.09353) followed by the 1.11160 area and then 1.12630 area.
