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- EUR/USD Price Analysis: Bulls eye a break of receent bull cycle highs
EUR/USD Price Analysis: Bulls eye a break of receent bull cycle highs
- EUR/USD bulls refuse to retreat and eye higher highs.
- Bears need to step in at this juncture or 1.1100 will be calling.
EUR/USD has rallied and the focus is on the upside while the US Dollar caves in to test critical support. The following illustrates the market structure across the daily and 4-hour time frames.
EUR/USD daily charts
The daily charts are showing that the price is recovering from the 1.0840s in a strong surge to the upside towards an imbalance near the recent highs. the price is on the front side of the bullish trend, keeping the bias bullish. A break of the 1.1012, 1.1050s and 1.1095 opens risk for higher for longer.
EUR/USD H4 chart
Zooming into the 4-hour chart, the imbalance can be seen and it leaves the highs vulnerable to a test. Bears will need to get below 1.0850 for prospects of a downside continuation.
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