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.

Ross J Burland FXStreet

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.

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