EUR/USD Price Analysis: Bears pressuring critical hourly pivot
|- EUR/USD is under pressure near the 61.8% ratio on the daily chart.
- The hourly W-formation's neckline could be targeted.
EUR/USD is resting at an hourly pivot point and the 61.8% ratio of the daily bullish impulse. A break of this level opens hourly support that could be the last defence for the 1.1750 target and daily support structure.
EUR/USD daily chart
The bulls are holding the fort at the 61.8% ratio and a break there opens risk of a test of daily structure near 1.1750.
Hourly chart
From an hourly perspective, a break of the support will reveal the neckline of the W-formation, a high completion reversal chart pattern. The neckline is just below the 1.18 psychological level and current support.
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.