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