EUR/USD Price Analysis: Bulls Rejected, Bears Eyeing a Break Below 1.0480

- Advertisement -
  • 1.0550 is limiting bulls looking for space above 1.0600.
  • EUR/USD bears watch for a break of the micro trend line and below 1.0480 for a downside bias.

Based on the above analysis, Price Analysis of the EUR/USD: Bulls eye higher highs at the 1.05 zone, where an inverse Head-Shoulder pattern was identified on the daily chart, price has stayed on the bullish course as follows:

EUR/USD Prior Analysis

EUR/USD Update

- Advertisement -

The pair has moved into the support zone and found buyers again. Bulls point to a bullish continuation with 1.0600 on the radar in case of a breakout of the bull cycle highs. However, a break of 1.0450 would jeopardize the uptrend and open up risk to 1.0350/00 in the near future, per the hourly chart below:

- Advertisement -

Bears are watching for a break of the micro trend line and below 1.0480 for a downside bias.

Source: Fx Street

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Hot Topics

Related Articles