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