- EUR/USD bears remain in control below key resistance despite bullish attempts.
- Bears are pointing to a test of trend line support for the next few days.
Based on the above analysis, EUR/USD Price Analysis: bullish and bears in a tug of war in the critical zone on the 4-hour chart and daily chartsillustrating that we saw bears try to commit below resistance against the trend line and around the neckline of the formation, bears remain in control:
EUR/USD Prior Analysis
EUR/USD Update
If price remains in a bearish structure and the bears engage, then a test of the trend line could be the next target and a 50% expansion of the recent consolidation range exposes the lower quarter of 1,055.
On the other hand, considering that the price remains in an uptrend at the front of the dominant trend line, then there are prospects for a bullish continuation to target 1.0800:
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.
