The EURUSD pair, just like many other USD crosses, has had many traders in a confused state as to the trend after last week’s FOMC announcement.
Those who entered long around the 1.09700 area would have been stopped out and those initiating new short positions around the 1.10000 may have also been stopped out due to the final swing high.
The key for price to continue to the upside was for price to close above 1.10000 before 25.03.2015 in which it failed to do so.
That being said we now look for a break below 1.08710 to establish additional shorts.
A failure to break this price we can expect more consolidation.