EUR/USD Price Analysis: The bulls are testing the bear's commitments at key resistance

EUR/USD continues to creep higher in a correction on the daily charts
Bulls eye a 50% mean reversion but failures will bring the lows back into focus with prospects of a downside extension of the broader bear trend.

Ross J Burland FXStreet

As per the North American analysis, the euro is on the verge of testing critical resistances across the time frames and the following illustrates this n the hourly and daily charts. There will be prospects of a significant breakout of the bulls can take on the bearish commitments but failures will likely lead to a downside extension for the days ahead.

EUR/USD H1 chart, prior analysis

EUR/USD update

EUR/USD is on the verge of a break of horizontal resistance.

The price is attempting to break higher, but as explained in the prior analysis, there is plenty of resistance ahead:

EUR/USD daily charts

EUR/USD continues to creep higher in a correction on the daily charts within the bearish cycle and below trendline resistance and is about to cross the 38.2% ratio.

A 50% mean reversion will bring the price into close proximity to the resistance and failures will bring the lows back into focus with prospects of a downside extension of the broader bear trend.

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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