EUR/USD Technical Analysis: Unstoppable Euro consolidates below 1.1850 level

• EUR/USD keeps grinding higher and has gained about 66 pips on Thursday evolving in a tight rising wedge. The major hurdle for bulls will be to break through the 1.1850 figure after which the 1.1900 handle should become the next target.
• However, a failure to break through 1.1850 can see EUR/USD consolidate sideways to down to the 1.1810 European congestion zone.
• Euro is underpinned by talks that ECB will consider ending Quantitative Easing at its next meeting.

EUR/USD 15-minute chart

Spot rate:                     1.1836
Relative change:          0.51%     
High:                            1.1840
Low:                             1.1772

Trend:                           Bullish

Support 1:                    1.1810 European session low
Support 2:                    1.1770 congestion zone
Support 3:                    1.1700 figure

Resistance 1:               1.1850 figure and near current Thursday’s high
Resistance 2:               1.1900 handle and 200-period SMA (4-hour)
Resistance 3:               1.1990-1.2000 May 14 swing high and daily 200-period SMA