EUR/USD Price Analysis: Bears waiting to pounce to test daily support

EUR/USD pressured deeper into bearish territory.
Bears looking to the daily support structure in a downside extension of corrective breakout.

Ross J Burland FXStreet

As per the prior analysis, EUR/USD remains pressured below hourly 20 & 50 EMAs, the price is moving below critical supports and bears could start to engage at this juncture.

The following illustrates a live bearish trade setup.

First, some background to the thesis:

EUR/USD hourly chart, prior analysis

''As illustrated in the hourly chart above, the price has pulled back into resistance as marked by the 20-EMA and the confluence of the 61.8% golden Fibonacci level. While below the 200 and 50 EMAs, the price is in bearish territory, so this may be regarded as a discount to the bears targeting daily support near 1.1680 ahead of 1.1664.

At this juncture, bears will be monitoring for a break of the dynamic trendline support for a potential downside extension towards the said daily supports. However, bears would be prudent to note the hourly support below the dynamic trendline support at 1.1697 and only engage in full below there. Besides the daily supports, there are -272% and -61.8% Fibonacci retracements targets as being 1.1675 and 1.1667 respectively.''

Live market update

As seen, the price is drifting lower through that horizontal support and bears may wish to start to look for an optimal short entry point at this juncture.

15-min live trade setups

As illustrated above, the price is now moving further lower which gives rise to a scalping opportunity as well as an intrasession trade set-up opportunity to target the daily support zone.

The scalping stop loss is based above the 20 EMA and horizontal resistance, as well as the dynamic resistance. The intrasession stop loss is above the correction's highs.

The Tokyo fix could offer some volatility.

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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