EUR/USD Price Analysis: Consolidation plays out near critical resistance
|- The EUR/USD bears are lurking at daily resistance.
- EUR/USD H1 price chart exhaustion starting to play out.
The New York session's analysis, EUR/USD Price Analysis: Bulls seek out territory through 1.14 the figure, eye 61.8% golden ratio, called out the possibility fo a test through 1.14 the figure but highlighted the downside risks and highlighted the significance of any signs of exhaustion in the current correction.
The price is attempting to rise in Tokyo but currently lacks conviction in a sleepy Asian session so far. The bigger test for the bulls will be in the European session where most volume and related headlines pertaining to the Russian risk will drive price action.
Meanwhile, those on the lookout for signs of exhaustion in the price action will note the double top formed on the hourly chart:
EUR/USD daily chart
The price is testing daily resistance and if this holds, the focus will be on the downside.
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.