Consolidation above the previously broken uptrend line still goes on after the pair established a consolidation range between 1.3060 and 1.3180.
The weekly candlestick was a pin-bar representing hesitation, this came after 3 successive bullish weekly candlesticks after hiting 1.3300 which is considered an important resistance zone.
Moreover, yesterday the EUR/USD pair retreated from 1.3300 and fell to 1.3230 before pulling back up again to test 1.3300.
The next supply zone will be located around 1.3310-1.3333 corresponding to a long-term downtrend line depicted on the chart.
Congestion zone is established between 1.3200-1.3300 after visiting Psychological Level 1.3300, this may enhance a bullish pause and a retracement movement towards 1.3170.
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 1.3310 this week.
The EURO pair is not expressing strong bullish steam after bullish breakout took place last week. However, consolidation above 1.3230 (recent bottom) favours the bullish direction towards 1.3333.
Intraday demand zone is located around 1.3175 then 1.3125 which corresponds to mid-range support, breakdown of which will delay further bullish momentum in the short term.
The pair needs to get out of price range 1.3200 - 1.3300 in order to collect sufficient steam to move in the same direction of the breakout.
