fxs_header_sponsor_anchor

News

EUR/USD Price Analysis: Bulls under pressure as bears test commitments at 1.0600

  • EUR/USD bears are homing in on the 1.0580s and the bulls will need to show up on the front side of the more dominant trendline support.
  • On the upside, we have 1.0700 as a key dailylevel and 1.0790 thereafter as the next level. 

As per the prior analysis, EUR/USD Price Analysis: Bears move in and eye a break of 1.0600,  the W-formation was stated to have been a reversion pattern whereby bulls would be expected to move in at a discount from the neckline should there be a test of 1.0600 or thereabouts.

EUR/USD prior analysis

This marked 1.0600 as a key support area and 1.0520s below it as being the CPI take-off point.

Thereafter, it was noted that the price was stalling on the bid and the W-formation was anticipated to pull in to the price to test the 1.0620s as a first objective and then to test 1.0600 thereafter. 1.0580 and 1.0520/05 were called as the last defence for a significant bearish correction for the weeks ahead and New Year. 

EUR/USD update

The price has broken the first trendline and is homing in on the 1.0580s. The bulls will need to show up on the front side of the more dominant trendline support or face a downside continuation as explained above. On the upside, however,  we have 1.0700 as a key level. We have 1.0790 thereafter as the next level. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.