- Analytics
- News and Tools
- Market News
- EUR/USD Price Analysis: Bears waiting to pounce in resistance
EUR/USD Price Analysis: Bears waiting to pounce in resistance
- EUR/USD bears are looking for a free lunch and low-hanging fruit.
- EUR/USD is moving into a key area on the hourly charts.
EUR/USD was down in late New York trade but overall little changed after failing to the breakout of last week's highs again although hitting 1.12750, the highest since Feb. 2022. Meanwhile, the US Dollar rose from a 15-month low against a basket of currencies on Tuesday after core Retail Sales saw strong gains in June. Core sales showed resilience and increased 0.6% in June. Data for May was also revised slightly up to show core retail sales increasing 0.3% instead of the previously reported 0.2%.
EUR/USD daily chart
EUR/USD is capped, so far, at the highs of the recent bullish rally as per the daily chart above. The lower timeframes are showing that the price is below last week's lows following a failed breakout:
EUR/USD H1 chart
The bears will be looking for the low-hanging fruit, LHF, but there is support to get through first:
The pair came close to the 61.8% Fibonacci in a deep enough correction that might entice the bears for a move into support.
© 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
