EUR/USD Price Analysis: Bears seeking break of 2-hour support

EUR/USD is faltering on the bid and the bears are piling in.
A correction for the prior highs is on the bear's watchlist.

Ross J Burland FXStreet

The bears are seeking a sizeable retracement in the pair following the recent bullish spike on the daily time frame which has already started to retrace.

The following illustrates the next opportunity on a break of the 2-hour support.

Daily chart

2-hour chart

There are prospects, at this juncture, of a retest of old support that would be expected to act as new resistance.

If the price is resisted then the current support would be expected to give way to the bears.

15-min chart

With that being said, the 15-min time frame is bearish below the current 15-min structure.

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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