- Analytics
- News and Tools
- Market News
- EUR/USD Price Analysis: Prospects of a significant correction from key monthly structure
EUR/USD Price Analysis: Prospects of a significant correction from key monthly structure
- EUR/USD bears move in on a critical area of support.
- There are prospects of a significant correction should the 0.96s hold up.
The US dollar strengthened on Monday on a volatile day to start the week which had EUR/USD slipping to 0.9552 from 0.9694. The single currency has dropped to a major level on the monthly chart and the following illustrates the market structure and prospects of either a deeper move lower or a significant correction.
EUR/USD monthly charts
The weekly charts above see the price of the euro running into a monthly support area following a major move to the downside. Should the price extend further lower on a break of the current structure at 0.9595, a move to 0.9445 guards the 0.9240s and 0.9100s.
EUR/USD weekly chart
On the other hand, a reversion as per the weekly chart, above, and the daily chart, below, could be in order for the foreseeable future prior to the next move to the downside should this current support around 0.9600 the figure hold up.
EUR/USD daily chart
On the daily chart, we have confluences of the 78.6% and 61.8% ratios aligning with resistance structures at levels that would require a prolonged commitment from the bulls.
© 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.
Bank transfers
