Attached is the 1H chart for EURUSD. As can be seen, this pair has been consolidating for many hours now. This shows that it is getting ready for a breakout on either side. This pair is now caught between a decently strong resistance and support and has been unable to break out on either side.
The small traders are too scared to take a guess on either direction and the big guys are accumulating more and more and thats why this consolidation and lack of breakout on either side. This consolidation should continue into the London session as well where we can then hopefully see some kind of a breakout.
On the downside, there is good support at 1.4160 and a break of this could lead to the next strong support at 1.41. This price region has proved to be a very very tough support to break and despite the big fall in various pairs over the last few days, this price region has not been convincingly broken yet.
On the upside, we have resistance at 1.4230 which has proven tough to break. A break of this resistance could lead to price moving to 1.4282 which is again a good resistance. Then there is the very strong resistance around 1.4330 which has not been broken for quite sometime now.
For today, i would expect some more consolidation till the London session and considering the strength so far, i would expect a move to the upside today.
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