EUR/USD Price Analysis: Bulls looking for significant upside correction

EUR/USD bulls have the daily and hourly chart on the watch list.
Bulls seeking an advance to the prior support and the daily W-formation's neckline.

Ross J Burland FXStreet

The price of EUR/USD is turning higher in what would be expected to be a full-on advance to the neckline of the M-formation.

The following illustrates where te opportunity might arise on a 1-hour time frame, first taking into account the daily chart's support and resistance, as follows:

Daily chart

1-hour chart

The conditions on the 1-hour chart remain bearish, however, so the bulls will need to monitor for a change-up with the price advancing further prior to entry.

An optimal entry would be on a pull-back from prior resistance structure and above the 21 moving average with MACD in positive territory.

Therefore, there is still work to be done and this would be expected will play out over the course of the next few sessions.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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