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- EUR/USD Price Analysis: Accumulaiton kicking in, or just a respite on the way to test 1.0340?
EUR/USD Price Analysis: Accumulaiton kicking in, or just a respite on the way to test 1.0340?
- 1.0340 2017 lows in focus for the weeks ahead.
- A break there will open the risk of a move below parity.
At a glance, the EUR/USD bearish impulse looks relatively overdone and the price is stalling after making a cycle low of 1.0472. At 1.0541, the euro is trading near Friday's doji close and bulls will be on the lookout for a bullish engulfing candle for the first day of the week to confirm the corrective bias. The same can be said for the weekly chart also:
EUR/USD weekly chart
EUR/USD daily chart
The price is based in what could be a phase of accumulation, at least on the lower time frames. However, failures to break higher will likely encourage the bears and lead to redistribution and a continuation of the bear trend for the days and possibly weeks ahead with a focus on the 2017 lows initially, 1.0340. A break there will open the risk of a move below parity:
EUR/USD monthly chart
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