The current consolidation is recognised by the bearish behaviour of how the pair has been moving. I believe that EUR/USD will create a false breakout as this gives an advantage for the trend to potentially retrace, however I do think that the trend will still move in a corrective manner, I have applied the Elliot wave structure to map out what may happen in order for the bearish consolidation to advance towards a new lower low. I have set my point at B as there is still structure to be completed within a specific range.
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