Is EUR/USD likely to remain in a consolidation?

Although last week was marked by periods of high volatility, the major currency pair, EUR/USD continues to trade in sideways.

Is EUR/USD likely to remain in a consolidation? Or Could the current consolidation zone dictate a new trend in the pair?

EUR/USD - 4 hour time frame chart

We can see that since price has approached the lower boundary of the channel, that the downtrend has come back. Besides that, there is some evidence that the bearish scenario seems most likely to happen.

Although the price is consolidating, we can see that the price is trading in the expansive channel, which could dictate a further bearish move if sellers manage to break lower the chart pattern.
Furthermore, this channel is also reinforced by Elliott wave theory which suggests that the correction phase may be about to end.

EUR/USD, 4 hours frame chart. Source: xStation 5

EUR/USD 1 hour time frame chart. Source: xStation 5

AUD is leading the gains at this moment.

Heatmap. Source: xStation 5

Henrique Tomé, XTB Portugal

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Forex Technical analysis

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