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- EUR/USD Price Analysis: H1 M-formation luring in the bulls
EUR/USD Price Analysis: H1 M-formation luring in the bulls
- EUR/USD bears are in control into fresh long-term lows.
- There are meanwhile bullish prospects to consider.
EUR/USD has been pressured by a strong US dollar at the start of this week and the price is making fresh lows in the bear cycle. The following illustrates the current markets structure from an hourly perspective and all the way out to a weekly chart as it moves in on a long term support structure.
EUR/USD H1 chart
The hourly chart is seeing the price under pressure but the M-formation offers a prospect of a correction in the meanwhile prior to further downside.
EUR/USD weekly chart
The weekly chart is in a similar position with the M-formation expected to bring in the bulls to test the old support and neckline of the pattern.
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