EUR/USD Price Analysis: Bulls eye a run to test trendline resistance near 1.0900-20

A strong test of the trendline resistance in EUR/USD could be on the cards.
US Dollar is pressured and gives EUR bulls an advantage from daily support.

Ross J Burland FXStreet

EUR/USD bull's eye a strong continuation on the correction to the 38.2% Fibonacci 1.0900 and then1.0920s as the 50% mean reversion area.

EUR/USD daily chart

The case for the downside will build when we see a deceleration of the correction which might still be in its initial days.

EUR/USD H4 charts

However, there are prospects of a move lower on the lower time frames, such as the H4 chart above and the H1 chart below:

EUR/USD H1 chart

With all that being said, however, the daily chart remains biased to the upside:

A 38.2% Fibonacci correction comes in near 1.0900 and 1.0920s and thereafter sees the 50% mean reversion area that would make for a strong test of the trendline 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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