Bulls move and seek a test of key H4 resistance structure – Crypto News – Crypto News
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EUR/USD grinds lower on a firm US dollar, risk-off impulse EUR/USD grinds lower on a firm US dollar, risk-off impulse

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Bulls move and seek a test of key H4 resistance structure – Crypto News

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3 years ago

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  • EUR/USD remains on the front side of the bullish cycle’s trendline.
  • The 4-hour M-formation neckline resistance is key as bulls move in.

As per the pre-open analysis, EUR/USD Price Analysis: Bulls under pressure as bears test commitments at 1.0600, there are prospects of an upside correction. Should the bulls commit beyond 1.0650, the 1.07s will be in focus. The following illustrates the bias as per the lower time frames.

EUR/USD daily chart, prior analysis

It was stated that the bulls will need to show up on the front side of the more dominant trendline support or face a downside continuation as explained above.

However, on the upside, we have 1.0700 as a key level. We have 1.0790 thereafter as the next level.

EUR/USD H4 chart

The 4-hour M-formation is a reversal pattern and while the price remains in a bullish trend on the front side of the bullish trendline, should the neckline give resistance, then there will be prospects of a fresh cycle high for the weeks ahead,

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