The Euro comprises 57% of the US Dollar Index. We can clearly see that EUR.USD has potentially begun to form a pennant (red) with converging lower highs and higher lows. Generally this formation is a pause within an uptrend. This could take as much as an additional month to resolve in either direction.
Recognizing this can be helpful in our trading. If Euro is in a consolidation mode, it means sideways movement for the dollar. If USD is going to be moving largely sideways that may mean a lot of rangebound action in all the markets which tend to correlate with it or against it. That implies a trader's market for a while.
If this is the case, then we will need to shift our orientation from buying breakouts (or selling breakdowns) for trending moves to buying support and selling resistance. Otherwise we can get whipsawed badly and see some painful trading losses.
If we look at other markets we can see signs of a trendless, consolidative market forming as well. Post a chart if you see similar indications.