EUR/USD Price Analysis: Bears are moving in and eye 1.0500 at the extreme – by fx_ross EURUSD Technical Analysis
, the bulls have been testing the M-formation's resistance area and struggle to get past, meeting a counter trendline. Failures to break higher at this juncture expose the broader bullish trendline and various horizontal support structures along the way as the following will illustrate.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. On the upside, we have 1.0700 as a key level. We have 1.
A move into the price imbalance below 1.0580 opens the risk of a continuation towards the trendline support and a test of 1.0500 at the extreme. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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