- EUR / USD bears are taking control below the 4-hour resistance.
- EUR / USD is expected to approach 1.1805 / 12 and the previous daily structure.
Based on the analysis above, the bears of the EUR/USD looking to break the 4-hour support, the euro has in fact fallen after a break of the 4-hour support.
Previous analysis, daily chart
The bears have been monitoring a shorting opportunity since the accumulation of lower highs within the daily correction that had been losing momentum in previous sessions.
From a lower time frame such as the 4-hour chart, the bears were monitoring the bearish structure on a breakout of support as follows:
4-hour pre-analysis
“First, the 4-hour support at 1.1920 must give way first, breaking the 4-hour dynamic support line.”
4-hour pre-analysis, critical support
” As long as support is holding, there is still a high probability that price will remain contained between there and resistance in a side channel.
However, on the support breakout, the bias falls heavily into the bear’s hands for a downside extension. ”
Live analysis, 4 hour progress
Following the breakout of the 4-hour support, the zone is now expected to act as resistance and has so far done so.
Corrections stall below and thus form a new bearish structure and confirmed resistance between 1.1912 / 23.
There is now a high probability that the price will continue to decline and generate a daily downward extension towards 1.1805 / 12 as follows:
Daily chart
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