EUR/USD Price Analysis: Reaccumulation playing out from 1.1380, eyes to 1.1500
- 1.1380 eyed by the EUR/USD bears n a break of short term support.
- EUR/USD bulls look for an upside continuation post reaccumulation phase.
As per the prior analysis, EUR/USD Price Analysis: Bulls eye an extended rally towards monthly targets, EUR/USD continues to develop the bullish structure that leaves the forecast on point so far.
EUR/USD, prior analysis
The 4-hour chart showed a period of accumulation that had recently seen a breakout, termed as the ''mark-up''. It was stated that ''should the buyers move in at a discount, then the price would be expected to ''accumulate'' and move higher to mitigate the next imbalance of price towards the monthly M-formation's neckline.''
As it stands, the price has melted as expected in a correction towards the ''reaccumulation'' point as follows:
EUR/USD lower time frames
That's not to say we cannot see any further downside. In fact, the hourly perspective is bearish and a downside extension could be forthcoming:
From a 15-min perspective, the price needs to get below the meanwhile support as follows:
1.1380 will be eyed as a target on such a break.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
