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- EUR/USD Price Analysis: Bulls take on bears in critical resistance area
EUR/USD Price Analysis: Bulls take on bears in critical resistance area
- EUR/USD bulls are coming up for what could be their last breath.
- The daily resistance structure is noted, but there is a price imbalance that the bulls are filling.
EUR/USD has continued to find support after the New York close in a quiet session in Asia, extending the prior day's bull rally and taking a deeper supply area. There is potentially more to go in order to mitigate the price imbalances as the following multi-timeframe analysis illustrates:
EUR/USD daily chart
There is a solid level of resistance on the daily chart, but the lower time frames show that the price is bid as follows:
EUR/USD H4 chart
A last-ditch effort from the bulls could be met with heavy rejection from the bears in the end of the week.
EUR/USD H1 chart
Meanwhile, the bulls are ploughing through the price imbalances to the upside, regardless. A meanwhile correction could fuel the bulls at this juncture. This leaves the technical outlook for the euro leaning bullish for the immediate trade.
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