EUR/USD Price Analysis: Bulls are up against pressures in a key support zone

EUR/USD bulls need to commit at a key juncture on the lower time frame charts.
Bears are focussed on a break of critical support.

Ross J Burland FXStreet

EUR/USD is testing a key support area on the four-hour charts within what could be the makings of a fresh daily bullish impulse. The following analysis identifies the key market structures on a multi time frame basis.

EUR/USD prior analysis daily chart

It was stated that ''the price broke the horizontal resistance that is now responding as a support zone on the retest. The bulls have committed to the course and a run into prior support and resistance between 1.0761 and 1.0936 could be in order with the 1.08 figure a key target.''

EUR/USD, prior analysis H4 chart

The W-formation's neckline near 1.0705 was eyed as a potential base from which bulls could engage in order to target the 1.08 areas.

EUR/USD live charts

The price has moved in a W-formation and retested the pattern's neckline and has treated it as support. The bulls need to commit at this juncture if the daily extension is going to take place.

EUR/USD H1 charts

If the price is going to respect support and continue higher, the outcome could look something like the above on the hourly chart. However, there is the possibility that the bears will take control and send the price lower to restest 1.07 the figure as follows:

As illustrated, the price is being resisted at a 61.8% golden ratio and should the bears commit and break support, then a downside continuation will be on the cards. This will leave the pair in no man's land and trapped between longer-term support and resistance on the daily chart:

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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.