EUR/USD Price Analysis: Bullish accumulation under way, eyes on weekly M-formation

EUR/USD bulls are moving in and eye the weekly M-formation.
The accumulation phase is underway on the lower time charts.

Ross J Burland FXStreet

EUR/USD is accumulating at the bottom of the bearish cycle. The weekly chart has an M-formation printed, a reversion pattern that would be expected to see the price revert to test the neckline as resistance.

EUR/USD weekly chart

From a daily perspective, the 38.2% Fibonacci retracement level aligns with the prior support near 1.0950, an area of potential resistance:

EUR/USD daily chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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