Bears move in at key resistance ahead of US CPI – Crypto News – Crypto News
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EUR/USD bulls move in on a correction of the US dollar's parabolic rally EUR/USD bulls move in on a correction of the US dollar's parabolic rally

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Bears move in at key resistance ahead of US CPI – Crypto News

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  • EUR/USD bears are lurking at key resistance.
  • Bears eye a run to test 1.0900 on a break of key support structures along the way.

EUR/USD is flat after its intraday breakout above June’s 1.1012 peak as traders get set for the US Consumer Price Index inflaiton data on Wednesday morning. The following illustrates the market structure into the data and prospects of a correction towards 1.0900.

EUR/USD daily chart

The bullish bias persists while on the fronmt side of teh bullish trend line. However, the W-formation is a reversion pattern and with the resistance, the ficus is on a pull back.

EUR/USD H4 chart

On the 4-hour time frame, the price is correcting into support. A break of the near term trendline will be a sign that the rally is decelerating and bears will be looking for a test of key supports on the way to the neckline of the W-formation and a test of 1.0900.

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