The EUR/USD currency pair is currently trading at 1.09122 and the bears seem to be in control, with their focus on the trendline support.
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- EUR/USD bears are taking over and eye the trendline support.
As per the prior analysis, EUR/USD Price Analysis: Bulls run into resistance, bears eye trendline support, EUR/USD is turning lower as the following will illustrate:
It was noted that the market had run into the weekly neckline of the M-formation.
On the daily chart, it was noted that we had possible stops above the swing highs that had been left intact, so far. Before a move higher into them, it was argued that a drive to the downside could be in order first. This brought the 38.2% Fibonacci of the bullish impulse on the daily chart into focus as well as the trendline support.
The price is moving lower toward the daily trendline support and from the neckline of the weekly M-formation.
From an hourly perspective, the price has broken structure, (BoS) and formed a fresh swing higher. therefore, we can anticipate another bearish impulse towards the trendline support in a 50% mean reversion or a 61.8% Fibonacci retracement of the prior hourly bullish impulse as follows:
A break of the trendline will dilute the bullish thesis but so long as the 78.6% Fibo holds on the daily chart, near 1.0780, a bullish case can still be argued.
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