- EUR / USD bulls remain in control amid risk appetite and are targeting 1.1350.
- A break of 1.1380 opens the doors to 1.1513.
The EUR / USD is stuck in a sideways consolidation on the daily chart after a strong bearish momentum that started in November from 1.16. The price fell to 1.1186 before stopping, and the question now is whether this is a redistribution or accumulation phase?
The chart below illustrates the market structure from a bullish perspective in anticipation of a breakout of the critical daily resistance near 1.1380 in the coming days.
EUR / USD daily chart
The price has stopped and has moved into a lateral consolidation that has not yet been determined as redistribution or accumulation. A break out of 1.1380 would likely confirm the build-up bias with the outlook that the downturn imbalance will be mitigated by the bulls for the next few weeks. This area is between 1.1383 and 1.1513.
EUR / USD 1 hour chart
The bulls are in control and are targeting the key resistance zone around 1.1350.
EUR / USD technical levels
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