Distribution pattern as a background for EURUSD

On EURUSD we see a distribution pattern. The peaks marked with flags show the volume that was traded on the given wave. Attention is drawn to the large volume marked 173 and 215. The latter is ultra-high compared to the others and means that a large effort has been made to push prices to a new high, but we did not have the expected effect. Prices came back into the range very quickly. This is quite a strong sign of weakness - some people bought heavily, others sold heavily. lows marked with flags and volumes 183 and 194 are the two heaviest distribution waves. You don't see that much of a sell-off on the remaining lows before reaching the last high.
The volume at the tops marked with ABC decreases - no buying power
Further weakening of the dollar this week is very likely.
At the same time, the Dollar Index, which I have been analyzing for some time, finally breaks the accumulative system - it means that the dollar is gaining strength and thus the euro may weaken in the coming sessions.
I've also included the Dollar Index analysis from last week below
Indicators used: Wyckoff Wave Chart

What do you think about this chart?
Follow us for updates!
VolumeDayTrader