#EURUSd @ 0.98740 EUR/USD bulls eye up a key resistance structure.
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- EUR/USD bulls eye up a key resistance structure.
- The bears need to get back below 0.9850.
EUR/USD’s daily chart is indeed bearish while below the trendline resistance. The price is on the verge of a break of structure as per the triangle coil as it moves in on the resistance in a creeping bullish short-term trend.
A move below 0.9700 opens the risk of a test of 0.9535 for the foreseeable future. A break of the resistance, however, puts 1.0000 back in focus and 1.0200 thereafter.
The hourly chart shows that the price is stalling within the W-formation but should bulls commit at 0.9850, we could see the makings of a breakout structure to cement the bullish case going forward.
The US dollar is leaning on a key area of support within the bullish flag on a daily time frame. The rising support could see the greenback bust back to life and hinder the prospects of a stronger correction in the gold price.
[/s2If]
Join Our Telegram Group
