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- EUR/USD Price Analysis: Bulls move in and eye potential for a bullish extension
EUR/USD Price Analysis: Bulls move in and eye potential for a bullish extension
- EUR/USD bulls are eyeing an upside daily extension at this juncture.
- H4 resistance needs to give to enable the way to 1.1150 for the first instance.
EUR/USD has corrected to a 61.8% Fibonacci retracement level near 1.1030 from which bulls have started to engage. The following illustrates a bullish bias:
EUR/USD daily chart
Should the correction decelerate here, more demand could be encouraged to lift the price higher. If the bulls manage to take over at that juncture, then there will be prospects of a bullish extension for the coming week with eyes towards 1.1250 and beyond.
EUR/USD H4 chart
As illustrated, the price is stuck below a resistance area. Should the bears manage to break beyond here, the bulls will be on the path for a run towards the 1.1150 resistance area.
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