EUR/USD Price Analysis: Bears eye a break of 1.0960s for prospects of fresh cycle lows
|- EUR/USD bears are on the prowl below 1.10 the figure.
- There are prospects of a fresh cycle low in the coming days.
EUR/USD is starting out the week trapped between support and resistance but leans with a bearish bias within a strong bearish trend. The following illustrates the market structure from both a long and shorter-term perspective.
EUR/USD weekly chart
As illustrated, the price is correcting the last bearish impulse and bears are moving in.
EUR/USD H4 chart
EUR/USD has broken below trendline support but has since formed a sideways channel following a restest of the counter trendline. The bears will need to break support at which point, there will be prospects of a downside continuation and fresh cycle lows.
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