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- EURUSD Price Analysis: Bears move in towards a key trendline support
EURUSD Price Analysis: Bears move in towards a key trendline support
- EURUSD is on the verge of a breakout below 1.0300.
- Bulls could be gathered near 1.0150 on the way down.
EURUSD is pressured into a key trendline on the hourly chart and could be on the brink of a significant downside correction. The focus is on the US Dollar and net positioning turned net short in the latest week for the first time since mid-July 2021, according to calculations by Reuters and US Commodity Futures Trading Commission data released on Friday. This gives plenty of room for a move into shorts while
EURUSD H1 chart
The support structure is being tested which opens the risk of a move to the midpoint of 1.0100. A break there opens the prospects of a move below 1.0000.
EURUSD daily chart
The daily chart shows that there is space into 0.9930s but the M-formation that is forming could hamstring any attempt of a breakout with 1.0150 a first target
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