EUR/USD Price Analysis: redistribution taking shape?

EUR/USD bears remain in charge according to the weekly outlook.
The daily chart's consolidation could be a phase of redistribution.

Ross J Burland FXStreet

As per the prior analysis, EUR/USD Price Analysis: Accumulation kicking in, or just a respite on the way to test 1.0340, EUR/USD remains in a consolidation phase and it is yet to be seen if this is just a respite or accumulation.

EUR/USD daily chart

From a daily perspective, the price continues to be drawn to the midpoint of the consolidation range. With a break, either way, traders are left with the range to trade and nothing more conclusive. A strong bearish close will be needed in order to paint a bearish head and shoulders on the chart.

EUR/USD weekly chart

From a weekly perspective, the price is still very much in a bear trend and leaves the bias bearish for the foreseeable future. The bears can target the 2017 lows initially, 1.0340. A break there will open the risk of a move below parity.

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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