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.
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.