EUR/USD Price Analysis: Bears are putting up their resistances, eye 1.0650
- EUR/USD bears are staying the course as bullish attempts are faded at resistance.
- Bears eye the 1.0650s for the ending sessions of the week.
EUR/USD bulls have come up for air near 1.0700 to a US session high of 1.0697 to meet resistance, both horizontal and dynamic. The US Dollar came under pressure again despite a slew of inflationary data over the last several days and the EUR/USD bears are out in force:
EUR/USD H1 chart
EUR/USD has broken through numerous supports casting a bearish shadow in its tracks that leaves scope for a downside continuation should the 1.0650s give out in the forthcoming days. We have seen a move up into the third day of shorts and a positive close on Thursday will give rise to the prospects of a deeper correction of the recent bearish run.
However, a late session surge from the bears is underway and that could leave prospects of a bearish close for another day and the downside bias underpinned:
As illustrated, there have been three days of shorts, old and new, with the latest coming in the last hours on Wall Street.1.0650 is on the bear's radar but given the build-up of shorts, a big squeeze could come into play to end the week and to balance the books:
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.
