EUR/USD Analysis and Expected Near-Term Upward Movement

The EUR/USD pair is moving sideways on the hourly timeframe.

There are strong indications of a consolidation pattern.

Therefore, if the consolidation pattern is successful,

we expect to see an upward move in the EUR/USD pair in the near term.

Currently, the pair is trading in demand zones on the hourly timeframe.

There is a corrective downtrend, as shown on the chart.

Expected Targets

An upward move is expected if the minor corrective downtrend is broken

and the price closes above it with at least one hourly candle.

If the price closes above the downtrend, the pair is expected to rise

towards the targets set at 1.1607 and 1.1640.

The upward expectation is invalidated if the demand zones

 on the hourly timeframe are broken

and the price closes below them with a full candle.