#EURUSD @ 1.03929 has been capped but bullish there are prospects while above 1.0300/1.0220.
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- EUR/USD has been capped but bullish there are prospects while above 1.0300/1.0220.
- EUR/USD bulls need to get on the back side of the micro bearish trendline resistance.
EUR/USD remained close to the four-month high of 1.0481 touched in mid-November. For the week, the Euro was higher by 0.7% against the US Dollar that remains near multi-month lows on the prospects of the Federal Reserve moderating the pace of its policy tightening.
From a technical perspective, there could be some upside to come over the coming days on a break of 1.0450 while above 1.0220 as the following multi time frame analysis leans towards:
The weekly chart shows that a breakout could be immature and while below 1.0480, the bias is for a downside correction into the support structure. A 50% mean reversion comes in near 1.0050.
With that being said, an inverse head & shoulders could be in the making at this juncture. Bullish commitments around 1.0300/50 would be forming the right-hand shoulder of the bullish pattern. A Break of 1.0220, however, could likely leave the downside in favour.
The bulls need to get on the back side of the micro bearish trendline resistance on the 4-hour and 1-hour charts:
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