EUR/USD Price Analysis: Consolidation plays out near critical resistance

The EUR/USD bears are lurking at daily resistance.
EUR/USD H1 price chart exhaustion starting to play out.

Ross J Burland FXStreet

The New York session's analysis, EUR/USD Price Analysis: Bulls seek out territory through 1.14 the figure, eye 61.8% golden ratio, called out the possibility fo a test through 1.14 the figure but highlighted the downside risks and highlighted the significance of any signs of exhaustion in the current correction.

The price is attempting to rise in Tokyo but currently lacks conviction in a sleepy Asian session so far. The bigger test for the bulls will be in the European session where most volume and related headlines pertaining to the Russian risk will drive price action.

Meanwhile, those on the lookout for signs of exhaustion in the price action will note the double top formed on the hourly chart:

EUR/USD daily chart

The price is testing daily resistance and if this holds, the focus will be on the downside.

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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