EUR/USD Price Analysis: Bears being pushed back by the bulls that eye break of 1.1250s

EUR/USD bulls look to break the 1.1250s resistance.
Bears are lurking following a series of higher closes.

Ross J Burland FXStreet

EUR/USD was higher by some 0.18% in late New York trade after it fell from Monday's minor new trend high at 1.1249 to Friday's 1.12045 low before moving back to the upside with eyes on a break of channel resistance. The US Dollar is on the back foot again following last week's tumble — its biggest drop of the year — as the market prepares for US Retail Sales on Tuesday.

EUR/USD daily charts

Meanwhile, the price displaced to the upside and this could lead to a significant correction for the days ahead as the above daily chart illustrates.

EUR/USD H4 chart

The market is coiled and a breakout could be on the cards. However, the following shows, there are prospects of a bullish continuation also:

EUR/USD H1 chart

We had a recent spike to the downside as the hourly chart shows. we have subsequently rallied and a break of the 1.1250s could be imminent.

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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