EUR/USD Update – 04/09/2017 (11:00am): The sell-off from the recent high at 1.2070 to the latest low at 1.1823 has been fairly impulsive which implies that we have most likely only seen wave a down of a classical a-b-c down-consolidation. Only a decisive break above 1.2012 (minor 76.4 %) would re-challenge key-resistance between 1.2099 and 1.2177 (int. 38.2 % on higher scales). Below 1.2012 though, the market remains in the consolidation mode, ready to extend lower into key-support between 1.1708 (daily trend) and 1.1497/68 (int. 38.2 % on 2 scales) where a new base is expected to be formed.