EUR/USD has been attempting to move in on the 1.06 areas this week but the bears are putting up strong resistance on the way there. The prospects of a run to parity remain on the table in a strong US dollar environment. However, the bears need to commit to the cause at this juncture or they could face strong opposition in a period of price imbalance mitigation in the late 1.06 and early 1.07 areas. The following illustrates the market structure and price action across the time frame from a bearish bias and perspective.
The monthly outlook sees the price testing a critical support area which gurdas a run towards parity.
The weekly chart shows that the price is being rejected at a prior structure around a 61.8% Fibonacci area.
The price is bounded by support and resistance on the daily chart which could see some sideways price action in the days ahead. However, a breakout one way or another would be definitive for the foreseeable future.
If the bears manage to break the four-hour trendline support, then this could open the barriers for a move below the 1.0430 support and on to lower lows in the bearish cycle.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.