EUR/USD Price Analysis: Bears eye move into key support area

EUR/USD bears stay in control below key resistance despite bullish attempts.
Bears eye a test of the trendline support for days ahead.

Ross J Burland FXStreet

As per the prior analysis, EUR/USD Price Analysis: Bulls and bears in a tug of war at critical area on H4 and daily charts, where it was illustrated that we saw the bears try to commit below the counter-trendline resistance and around the neckline of the formation, the bears stay in control:

EUR/USD prior analysis

EUR/USD update

If the price remains in a bearish structure and the bears commit, then a test of the trendline could be the next objective and a 50% expansion of the recent consolidation range exposes the lower quarter of the 1.05s.

On the other hand, considering the price remains in a bullish trend on the front side of the dominant trend line, then there are prospects for an outright continuation to the upside to target 1.0800:

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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