EUR/USD Price Analysis: Bears challenge bulls and are moving in, 1.1330/50's eyed

EUR/USD bears stay in control and eyes are on a significant retracement.
The daily time frame's 38.2% ratio is located at 1.1345.

Ross J Burland FXStreet

As per the prior analysis, EUR/USD: Bulls firming, eyes on M-formation neckline before 1.1410 break, the price remains pressured with a bias to the downside from both the hourly and daily perspectives.

EUR/USD prior analysis, H1 chart

As illustrated, from an hourly time frame basis, the price was expected to remain under pressure following the bull's last attempts into resistance.

EUR/USD live market

As can be seen, the price has respected the forecasted trajectory below resistance and would be expected to continue lower in the coming week. On a daily basis, the 38.2% Fibonacci retracement levels have a confluence with the prior structure on a closing basis as follows:

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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