EUR/USD Price Analysis: Bears push bulls towards breaking point

EUR/USD bears are lurking below 1.0300 and eye a fast break below support.
The bulls are gathering at 4-hour support in the meanwhile.

Ross J Burland FXStreet

EUR/USD is under pressure at the start of the week and the highs appear to be locked in following a break of structure at 1.0270 as the following technical analysis will show with 1.0200 in focus:

EUR/USD weekly chart

The weekly chart sees the price attempting to break the dominant trendline resistance, but so far, the bulls are lacking conviction. A pullback is underway and there are prospects of a correction to the support structure.

EUR/USD daily chart

The daily charts show that the price is cracking the structure of 1.0270 on the backside of the micro trendline that has been broken. This gives rise to a downside continuation into support.

EUR/USD H4 chart

The 4-hour chart sees the price collected at support already. A correction could play out in the meantime for the restest of the counter trendline.

EURUSD H1 chart

The hourly chart shows a large imbalance of bids and offers below the current support structure that will likely be mitigated quickly in a sharp drop below the current support.

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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