EUR/USD Price analysis: Bulls eye an upside continuation towards 1.1070
- EUR/USD is holding up at a 38.2% Fibonacci retracement level
- Bulls could be in play for the opening sessions.
A subsequent upside continuation is a bias for the open.
As per the prior analysis, EUR/USD Price Analysis: Bears are moving in and eye a run on length, EUR/USD ran into the 1.0960s and support structure as the following will illustrate.
EUR/USD H4 charts
Zooming into the 4-hour charts, we had the M-formation with a test of the neckline resistance near the 1.1030s eyed before a strong test of the trendline support. An engulfment was eyed.
EUR/USD H1 chart
On the hourly chart, the thesis was playing out. A 61.8% Fibonacci retracement met the neckline resistance. Everything above was trapped volume, so the long squeeze thesis was a reasonable one into 1.0950s stops and the week´s lows.
EUR/USD week template, M15 chart
Monday and mid-week longs were still in the money with stop losses below eyed.
EUR/USD update
The price has moved back into the peak formation following the move to test the structure. This leaves the outlook neutral for the days ahead while the price is trapped between horizontal resistance and support. However ...
EUR/USD H1 chart
On the hourly chart, we have seen a break of the prior highs and the 38.2% Fibonacci retracement level is acting as support. A subsequent upside continuation is a bias for the open.