EUR/USD Price Analysis: Bulls pushing back against bears above critical 1.0770 support

EUR/USD bears taking on the key 1.0780/70s.
EUR/USD could be on the 3way to 1.0720 for the days ahead.

Ross J Burland FXStreet

As per the prior analysis, EUR/USD Price Analysis: Downside thesis gaining traction, bears hunting down 1.0770s that guard 1.0750, there remains a bearish bias in play while the price is below the 1.0870s. The 1.0800 structure was broken in trade on Tuesday and should the bears commit below there, there is every likelihood of a sharp move into 1.0720 for the sessions ahead. The following illustrates the bias across a multi-timeframe analysis:

EUR/USD H1 chart

While there are possibilities of another remove higher into the sell-off from overnight, mitigating the price imbalance, a break of 1.0770 could be expected to be the nail in the coffin for the stubborn bulls with 1.0720 eyed.

EUR/USD daily chart

The daily chart sees the price chipping away at the key support with little sign of letting up, so far, as we progress through the Tokyo session. The W-formation is in play which is a pull on the price and the prior resistance, now support, is eyed as a target area.

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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