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- EUR/USD Price Analysis: Bulls holding the fort in a firm correction from weekly lows
EUR/USD Price Analysis: Bulls holding the fort in a firm correction from weekly lows
- The downtrend in EUR/USD has stalled and the price is correcting.
- EUR/USD bulls eye a break of 1.1050 for a restest of old weekly support.
EUR/USD is meeting an area of weekly support and has started to decelerate in the 2022 sell-off with a low made near 1.08 the figure last week. The bulls have moved in and are correcting the bearish impulse. This leaves the 38.2% Fibonacci retracement level exposed which is near to the 1.1140s. The following illustrates the current market structure from a weekly perspective:
As illustrated, the price is moving in on the scale of Fibonaccis. with only 1.1050 in the way for a firm correction into the aforementioned area of liquidity near old support.
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