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- EUR/USD Price Analysis: Bears lurking at critical daily resistance
EUR/USD Price Analysis: Bears lurking at critical daily resistance
- EUR/USD sears are lurking at critical resistance.
- Hourly market structure is located at 1.0225 on the downside.
EUR/USD remains in familiar ranges, bounded by resistance and support on the daily chart, currently testing the upper boundary of the range. The following illustrates the market structure on the daily and hourly charts.
EUR/USD daily chart
EUR/USD has been in the hands of the bears for a number of days and has reached the prior highs which might be expected to act as resistance, potentially leading to a sell-off. On the other hand, there is a large area of imbalance of price between the resistance and 1.0416 for which would be mitigated in due course.
EUR/USD H1 chart
The hourly chart's trendline support could be broken at this juncture should the bulls capitulate at resistance in the forthcoming sessions. The market structure, in such a scenario, will need to be broken at 1.0225.
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