EUR/USD Price Analysis: Bullish accumulaiton under way, eye son weekly M-formaiton

Market news

11 April 2022

EUR/USD Price Analysis: Bullish accumulaiton under way, eye son weekly M-formaiton

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

EUR/USD is accumulating at the bottom of the bearish cycle and the weekly chart has an M-formation printed which is 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

Currencies. Daily history for Monday, April 11, 2022

Commodities. Daily history for Friday, April 8, 2022

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