Consolidation above the previously broken uptrend line goes on this week too after the pair established a consolidation range between 1.3060 and 1.3180.
The weekly candlestick came bullish for the 3rd week in a row closing above 1.3240 important level corresponding to previous May's high.
The next supply zone will be located around 1.3333 corresponding to a long-term downtrend line depicted on the chart.
Previous congestion zone is more obvious on the 4H chart located between 1.3070-1.3175, a bullish breakout took place last week reaching up to 1.3295 this week.
The EURO pair is not expressing strong bullish steam after bullish breakout took place last week. However, consolidation above 1.3230 favours the bullish direction towards 1.3300 untill broken.
Intraday demand zone is located around 1.3125 which corresponds to mid-range support, breakdown of which will delay further bullish momentum in the short term.
Fundamentally, the market is waiting for important data this week such as Wednesday's FOMC meeting and GDP report, and Friday's NFP report for July.
