- EUR/USD offered and bearish below 1.0750.
- EUR/USD bears peek at the 78.6% ratio to test the 1.07 figure.
He EUR/USD enters the final stretch of the week on the wrong foot, after the unexpected fall in industrial production in Italy in April caused concern in the Eurozone. However, EUR/USD bulls are lurking on the flanks of the correction on central bank divergence issues on the prospect of the Federal Reserve pausing while the ECB continues to raise interest rates. However, in the meantime, the bears are moving in and watching the neckline of the daily W formation as follows:
EUR/USD daily chart
EUR/USD 1-hour chart
On the hourly chart of EUR/USD, price is on track for the 38.2% Fibonacci daily upside momentum and above resistance structures, as illustrated above. The bias remains bearish while below 1.0750 with an eye on the 78.6% ratio to test the 1.07 figure.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
