EUR/USD Price Analysis: Bulls on the sidelines in anticipation of a discount

EUR/USD could be an attractive play for the bulls.
Asian shorts could set up the day for London traders as a buy-low opportunity.

Ross J Burland FXStreet

EUR/USD has come up from the lows in a sharp correction at the start of the week and leaves the focus on a continuation for the days ahead with 1.0700 eyed on a break of 1.0650 and 1.0670.

EUR/USD daily chart

The price has found demand near 1.0550 and while still on the front side of the bearish trend, the bias remains bearish. However, a correction into the latest bearish impulse is already underway:

This might only be premature in the correction and this could offer a buy-low opportunity for bulls in the coming sessions in anticipation of a test of the trendline resistance.

EUR/USD H1 chart

EUR/USD could be an attractive play for the bulls if enough of a discount is awarded from what would now be regarded as counter-trendline support as illustrated above. Asian shorts could set up the day for London traders as a buy-low opportunity.

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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