EUR/USD Price Analysis: Bears are lurking below 1.0550, eyes on a significant correction

EUR/USD runs into an area of resistance and focus is on the trendline support.
Bears are chipping away at the bullish trend and eyes are on a correction.

Ross J Burland FXStreet

EUR/USD has been rallying over the course of the winter months and into year-end. However, there are prospects of a bearish correction in the meantime as the following technical analysis will illustrate.

EUR/USD weekly chart

The bulls are taking out key weekly trendlines as the price moves into the mid-1.0550 resistance area. While the bias is to the upside, there are prospects of a bearish correction as follows:

EUR/USD daily charts

The price is decelerating on the bid and is starting to erode the trend with a move that is taking out the micro trendline as illustrated above. A break of the 1.0500 level opens the risk of a deep correction for the days ahead.

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.

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