EUR/USD has gone into a consolidation phase following Thursday's steep drop. The pair needs to reclaim 1.0100 to stage a correction, FXStreet’s Eren Sengezer reports. 

1.0050 aligns as next support

“In order for the pair to stage an upward correction, it needs to make a four-hour close above 1.0100. If that happens, 1.0150 (Fibonacci 23.6% retracement of the latest downtrend) and 1.0180 (200-period SMA on the four-hour chart) could be seen as the next recovery targets.” 

“On the downside, 1.0050 (static level) aligns as next support ahead of 1.0000 (psychological level) and 0.9950 (July 14 low).”