EUR/USD Price Analysis: Bears knocking the bulls down to size, eye a break of 1.0430
|- EUR/USD bears need to firm up at this juncture.
- Bears eye a break of 1.0430 to open the path for lower for longer.
EUR/USD has been attempting to move in on the 1.06 areas this week but the bears are putting up strong resistance on the way there. The prospects of a run to parity remain on the table in a strong US dollar environment. However, the bears need to commit to the cause at this juncture or they could face strong opposition in a period of price imbalance mitigation in the late 1.06 and early 1.07 areas. The following illustrates the market structure and price action across the time frame from a bearish bias and perspective.
EUR/USD monthly chart
The monthly outlook sees the price testing a critical support area which gurdas a run towards parity.
EUR/USD weekly chart
The weekly chart shows that the price is being rejected at a prior structure around a 61.8% Fibonacci area.
EUR/USD daily chart
The price is bounded by support and resistance on the daily chart which could see some sideways price action in the days ahead. However, a breakout one way or another would be definitive for the foreseeable future.
EUR/USD H4 chart
If the bears manage to break the four-hour trendline support, then this could open the barriers for a move below the 1.0430 support and on to lower lows in the bearish cycle.
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.