Looking at the daily chart, since the 23th of April, when the 74 EMA that held as a long term support was broken, the EUR/USD pair dipped almost 6% from 1.225 to 1.153 during a period of 40 days. The market continued trading sideways for the next 72 days swinging around the 12 EMA (1.18-1.15) until the 9th of august, where the 2017’s long term diagonal support was tested after a drop from 1.16 to 1.13. Following the drop, bulls took over testing both the long term diagonal and horizontal resistance, trying to brake the 1.18 range on the 24th of September. After the failed attempt for a break out, the trading pair dipped straight through all horizontal support, retesting again the long diagonal ascending trend line at the 1.144-1.115 range. Interestingly as the long term diagonal support and resistance are about to intersect each other and this macro consolidation takes place, the following possibilities come into play; If an upward movement takes place breaking with strength the 1.16 psychological level, then the first level to watch out for would be marked at 1.164 where the 14 EMA and 74 EMA would be expected to meet. Consecutively if this second level of resistance brakes, the chances are the 1.17 mark would be tested too. On the flip side if the bears hold tight and the 1.16 mark is not broken, a downward price action would be expected retesting the 1.154 support level.