EUR/USD Price Analysis: Bulls rejected and bears eye break below 1.0480
|- 1.0550 is capping the bulls that look for space above 1.0600.
- EUR/USD bears eye a break of the micro trendline and below 1.0480 for a downside bias.
As per the prior analysis, EUR/USD Price Analysis: Bulls eye higher highs in the 1.05 area, whereby an inverse head & shoulders was identified on the daily chart, the price has stayed with the bullish course as follows:
EUR/USD prior analysis
EUR/USD update
The price moved in on the support zone and has found buyers again. The bulls eye an upside continuation with 1.0600 on the radar on a break of the bull cycle highs. A break of the 1.0450s, however, will put the bullish bias into jeopardy and open risk to 1.0350/00 for the foreseeable future as per the hourly chart below:
Bears eye a break of the micro trendline and below 1.0480 for a downside bias.
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