EUR/USD Price Analysis: Bears eye a break of critical support while below 1.1000

EUR/USD step in at key support and a test of 1.1000 could be on the cards.
Bears eye a break of the 1.0960s structure.

Ross J Burland FXStreet

EUR/USD has been pressured at the start of the week and remains biased to the downside as it moves toward the 1.0960s on the approach to the Tokyo open.

The US Dollar has firmed on fundamentals and has put a strain on the bullish thesis while above 1.0964 structure as the following will illustrate on the following 1-hour charts.

EUR/USD H1 chart

Bears are attempting to break below the 1.0960s structure which would open the risk of a significant downside extension with 1.0909 eyed.

EUR/USD H4 chart

Meanwhile, the bears could well be waiting for a premium which enables the price to correct into the Fibonacci scale as shown above on the 4-hour chart. A test of 1.1000 could be on the cards.

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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