EUR/USD Price Analysis: The pair completes the M-formation, eyes on downside continuation

EUR/USD Bears looking to the 1.2000 level as price meets resistance.
A 38.2% Fibonacci confluence with structure puts focus on the downside.

Ross J Burland FXStreet

Further to the prior analysis, EUR/USD Price Analysis: Bulls looking for significant upside correction, the cross has indeed completed the M-formation as follows:

Prior analysis

Prior analysis, 1-hour chart

Live market, daily chart

Live market, hourly chart

Meanwhile, if the price breaks this current layer of resistance then the upside will be back in play. With that said, if the bears take back control, then a downside extension on the daily chart is in order:

Daily chart

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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