EUR/USD Price Analysis: Bears eye move into key support area

  • EUR/USD bears stay in control below key resistance despite bullish attempts.
  • Bears eye a test of the trendline support for days ahead.

As per the prior analysis, EUR/USD Price Analysis: Bulls and bears in a tug of war at critical area on H4 and daily charts, where it was illustrated that we saw the bears try to commit below the counter-trendline resistance and around the neckline of the formation, the bears stay in control:

EUR/USD prior analysis

EUR/USD update

If the price remains in a bearish structure and the bears commit, then a test of the trendline could be the next objective and a 50% expansion of the recent consolidation range exposes the lower quarter of the 1.05s.

On the other hand, considering the price remains in a bullish trend on the front side of the dominant trend line, then there are prospects for an outright continuation to the upside to target 1.0800:

FX

Articles You May Like

ForexLive Asia-Pacific FX news wrap: USD/JPY lower
Dollar Gains on Risk Aversion Amid Quiet Trading
Here’s why Abbott Labs stock is getting dinged after a strong earnings beat
Nasdaq fills the gap (well almost) and bounces off 38.2% retracement on the first look
Dow Jones Industrial Average plunges 400 points after Wednesday’s US PMI miss

Leave a Reply

Your email address will not be published. Required fields are marked *