EURUSD consolidates in narrow range, break below 1.16500 confirms further weakness

• EURUSD is consolidating after forming a temporary top around 1.19098 on Aug 2nd 2017. The pair declined till 1.16626 yesterday and is currently trading around 1.17501.
   
• The pair downside capped by 23.6% fibo and any further weakness can be seen below that level. Euro has shown a minor decline after ECB fears the currency is too strong.
   
• EUR/USD should break 1.1800 on the higher side and 1.16500 on the lower side for further direction. On the lower side, any break below 1.16500 (23.6% fibo) will drag the pair down till 1.15980/1.15000.
   
• The pair near term resistance is around 1.1800 and any decisive break above will take the pair to next level till 1.1845/1.1900. Bullish continuation can be seen only above 1.1910.

It is good to buy on dips around 1.1715-1.1720 with SL around 1.16500 for the TP of 1.1800/1.1900