EUR/USD Price Analysis: Bears seeking a daily downside continuation
- 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.
Weekly chart
A break of the 1.1850 will be important for the summer months.
Daily chart
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.
4-hour chart
First, the 4-hour support of 1.1920 needs to give first, breaking the 4-hour dynamic supporting line.
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.
