- EUR/USD is consolidating as traders wait for the market to make the first move.
- Bears are waiting for a significant break of the current 4-hour support.
Below the weekly 10 and 21 EMAs, EUR/USD is trading in a bearish weekly territory as it retests a dynamic counter-trendline resistance.
The 10 is on the verge of crossing below 20 EMA that would add additional bearish conviction for the lower time frames for the week ahead.
A break of the 1.1850 will be important for the summer months.
From a daily perspective, the price has reached the 38.2% Fibonacci retracement level in the 1.1960s and resistance structure.
A downside continuation would be expected from there to test the 1.1850s.
Onward bearish impulses would occur on a break of there and 1.18 the figure will be a key focus.
First, the 4-hour support of 1.1920 needs to give first, breaking the 4-hour dynamic supporting line.
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