EUR/USD Price Analysis: Bulls lurking in demand zone, eyeing a 38.2% Fibo correction
|- EUR/USD meets demand territory and the focus is on the upside.
- A 38.2% Fibonacci retracement meets the prior daily support.
The bears are taking the bulls on at a demand area which puts the focus on the upside.
The following illustrates where the bulls will eyeing should the price now correct from out of bearish conditions.
Monthly chart
The price has melted to test the prior resistance which meets a 61.8% Fibonacci retracements.
Weekly chart
The price is broken the 21-day moving average in the latest bearish impulse, but the demand area is compelling.
Daily chart
A 38.2% Fibonacci retracement at this juncture has a confluence with the prior lows which would be expected to be tested.
4-hour chart
Meanwhile, there is a resistance structure on the way there according to the 4-hour chart which has a confluence wit the 10-moving average as a first target.
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.