EUR/USD Price Analysis: Bulls eye 1.0950 for the days ahead

EUR/USD is meeting a critical level of support.
Bulls eye a significant correction for the days ahead.

Ross J Burland FXStreet

EUR/USD is back to flat in the mid-Asian session as the price moves back into line with the dominant trend. The bears are on the prowl, but the weekly and daily chart offers a compelling case for a significant bullish correction for the days ahead.

EUR/USD weekly chart

The price is meeting a weekly support area, while the M-formation could be a signal to the bulls in anticipation of a reversion to the neckline of the pattern.

EUR/USD daily chart

From a daily perspective, the 38.2% Fibonacci retracement level aligns with the prior support near 1.0950, an area of potential resistance.

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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