- EUR/USD bears stay in control below key resistance despite bullish attempts.
- Bears eye a test of the trendline support for days ahead.
As per the prior analysis, EUR/USD Price Analysis: Bulls and bears in a tug of war at critical area on H4 and daily charts, where it was illustrated that we saw the bears try to commit below the counter-trendline resistance and around the neckline of the formation, the bears stay in control:
EUR/USD prior analysis
EUR/USD update
If the price remains in a bearish structure and the bears commit, then a test of the trendline could be the next objective and a 50% expansion of the recent consolidation range exposes the lower quarter of the 1.05s.
On the other hand, considering the price remains in a bullish trend on the front side of the dominant trend line, then there are prospects for an outright continuation to the upside to target 1.0800:
This article was originally published by Fxstreet.com. Read the original article here.
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