The EUR/USD pair struggles to capitalize on Friday's modest rebound from the 1.1125-1.1120 support area and kicks off the new week on a subdued note. Spot prices currently trade around the 1.1160 area, nearly unchanged for the day, as traders keenly await the release of the flash German consumer inflation figures and the Federal Reserve (Fed) Chair Jerome Powell's speech for some fresh impetus.
From a technical perspective, the EUR/USD pair remains confined in a multi-day-old trading band. Against the backdrop of the recovery from the 1.1000 psychological mark, or the monthly low, this range-bounce price action might be categorized as a bullish consolidation phase. This, along with positive oscillators on the daily chart, suggests that the path of least resistance for spot prices remains to the upside.
That said, the recent repeated failures to build on the momentum or find acceptance above the 1.1200 round figure constitute the formation of a bearish double-top pattern and warrant some caution for bullish traders. This makes it prudent to wait for a sustained breakout through the aforementioned short-term trading range before confirming and positioning for the next leg of a directional move for the EUR/USD pair.
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