EUR/USD Price Analysis: Bears take on key support and eye a 78.6% daily Fibo

EUR/USD bears eye a break of trendline support that guards a run to a daily 78.6% Fibonacci retracement.
Bulls need to commit above 1.0780 and then 1.0700.

Ross J Burland FXStreet

As per the prior analysis, EUR/USD Price Analysis: Bulls run into key resistance but ride dynamic support, the price has been unable to take off and is submerging itself below the aforementioned resistance:

EUR/USD prior analysis

EUR/USD updates

The lower time-frame charts show that the price is taking on 1.0820 support that guards 1.0780.

A break of the trendline support would be a significant development in what could open risk all the way to the 78.6% Fibonacci retracement of the prior daily bullish trend and the wedge counter-trendline 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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