Prepare for a EURUSD trend. Weekly Bollinger Band width is the tightest ever (since inception of the euro). Bollinger Band width measures the difference between the upper and lower Bollinger Bands (2 standard deviations from the 20 period average in both directions). Band width widens during a trend (range expansion) and contracts during a range (range contraction). Market conditions oscillate between range and trend environments thus extremely narrow bands indicate extreme range conditions and heightened risk of a shift from range to trend. I don’t have a strong opinion on direction but will note the similarity between recent price action and the mirror image of 2013-2014.
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EURUSD Weekly (magenta dots indicate historically low band width)
EURUSD Weekly (zoomed in)