Bulls come up for air but bears are waiting to move in again – Crypto News – Crypto News
Connect with us
EUR/USD hovers around 1.0057 after reaching new week highs EUR/USD hovers around 1.0057 after reaching new week highs

others

Bulls come up for air but bears are waiting to move in again – Crypto News

Published

2 years ago

on

Share:

  • EUR/USD bulls are in play as they correct the recent slide.
  • The dominant trend remains bearish while on the backside of the daily bullish cycle’s support trend.

EUR/USD The bears have been in play following a series of negative data for the pair on the US side. The pair fell this week in what has been a continuation trade for the shorts that broke the prior long-term trendline support:

EUR/USD daily chart

With the price now on the backside of the trendline, a bearish thesis is in play. The next target for the bears is in the 1.0670s with the 1.0520s eyed thereafter.

EUR/USD is building a case for such a move but a correction cannot be ruled out at this point:

EUR/USD H4 chart

On the four-hour chart, the price is correcting the recent slide and has come up to test the bear’s commitments towards a 38.2% Fibonacci correction of the bearish impulse. The candle is strong and would be expected to be followed by a further higher low and closing high for the end of the day.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending