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  • EUR/USD has closed above a key daily level but bears seeking a fuller correction.
  • The pair is on track for a restest of the 1.20 level if bulls hold in the current support zone. 

EUR/USD is in a weekly consolidation of the monthly bullish trend and remains so while above key daily support.

The following is a top-down analysis that shows how the price has been distributed within a weekly consolidation of the monthly bullish impulse. 

The daily chart shows that the price remains in the hands of the bulls above a critical support structure that would first need to give and prove robust on a restest.

Monthly chart

A bearish correction has yet to complete a 38.2% Fibonacci retracement and confluence of the monthly prior resistance. 

Weekly chart

This weekly consolidation zone is where the bulls have taken profits from the monthly rally. 

Daily chart 1

Bullish above, bearish below 1.1880.

Daily chart 2

The projected flight path of the bears has been illustrated above, targeting the monthly resistance.

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