EUR/USD: the euro is consolidating on the forex after the peak at 1.19 on Wednesday (Scotiabank)

Scotiabank believes that the EUR/USD has entered a consolidation phase after the peak at 1.19 on Wednesday.

"The EUR/USD's moves remained limited, with the pair moving slightly lower since the summit at 1.19.

Intraday indicators appear modestly negative but the EUR/USD may simply be consolidating its gains before a further upward push.

An intraday support comes at 1.1850 / 55, and the pair would become heavier underneath.

Resistance is at 1.1885/90 and then 1.1920. The euro would be more bullish above this threshold."