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.

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.