The EUR/USD has been in a consolidation mode since the end of 2016. This consolidation comes after a bearish trend that brought price to a low of 1.0340, which was a 14-year low.EUR/USD Daily Chart(click to enlarge)A Bottom?- The consolidation I referred to above could very well be a price bottom, with a neckline at 1.0850.- If so, price action in March already cracked this neckline. In other words, we could be seeing a completed price bottom, with bullish implications.- However, price retreated sharply after tagging 1.09. It has retreated to below 1.06, but seems to be hovering above this mark now.Moment of Truth:- The reason I think EUR/USD is at a critical point is because it has built up some bullish signals, and it has an opportunity this week to either confirm them or negate them.- For example, if price can hold above 1.06 this week, it would be able respect a rising trendline. - Also, if the RSI can hold above 40, it reflects maintenance of some bullish momentum, although this bullish momentum is very week because the RSI never pushed to 70.- Note that price broke above the 100-day simple moving average (SMA), and if price can push above 1.07, it would show respect to this 100-day SMA as support. This would be a "bullish slingshot" signal.- The bullish outlook above 1.06 and above 1.07 would be 1.09 and then 1.10, where EUR/USD will likely meet critical resistance factors.- A break below 1.06 this week would suggest first a test of the 1.05 support pivot. - It would also mean a failed bullish breakout, which suggests price would return to the lows, around 1.0340.