EUR/USD Price Analysis: Bulls moving in on critical daily resistance area

EUR/USD bulls keep control in risk-on environment and eye 1.1350.
A break of 1.1380 opens prospects towards 1.1513.

Ross J Burland FXStreet

EUR/USD is trapped in a sideways daily consolidation following a strong bearish impulse that started in November from the 1.16s. The price fell all the way to 1.1186 before stalling and the question now is whether this is a phase of redistribution or accumulation?

The following illustrates the market structure from a bullish perspective in anticipation of a break of the critical daily support near 1.1380 for the days ahead.

EUR/USD daily chart

The price has stalled and moved into a sideways consolidation that is yet to be determined as being redistribution or accumulation. A break of 1.1380 would likely confirm the accumulation bias with prospects of the imbalance of the downside being mitigated by the bulls for the weeks ahead. This area comes between 1.1383 and 1.1513.

EUR/USD H1 chart

The bulls are in charge and rallying towards the key resistance zone around 1.1350.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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