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- EUR/USD Price Analysis: Bulls eye 1.0950 key resistance area
EUR/USD Price Analysis: Bulls eye 1.0950 key resistance area
- EUR/USD bulls attempting to correct the bearish phase, eye 1.0950.
- However, the hourly chart shows a build-up of failures that could result in a correction.
- EUR/USD bears need to get below the current support near 1.0870.
EUR/USD had been pressured to the March lows this month but it has recovered to almost 23.6% of the daily bearish impulse with sights on a 38.2% ratio retracement near 1.0950 for the days ahead.
EUR/USD weekly chart
The M-formation, a reversion pattern, is a compelling feature on the weekly chart with eyes on the neckline between 1.0920 and 1.0975.
EUR/USD daily chart
The price is facing some resistance on the daily chart currently but a break of it will be bullish for the foreseeable future.
EUR/USD H1 chart
The hourly chart shows a build-up of failures that could result in a correction, potentially as far as the old resistance at a 61.8% ratio once the current support near 1.0870 is broken.
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