The EUR/USD currency pair is currently at 1.09051 and a positive correction has slowed down as it encounters resistance, indicating the possibility of a downward trend.
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- EUR/USD bullish correction has started to decelerate at resistance and there are prospects of a move lower.
EUR/USD has traded between a low of 1.0887 and a high of 1.0920 on the day so far, correcting from the lows but well below the six-week peak of 1.100 touched on June 22. The potential economic consequences of higher interest rates within the Eurozone have trumped the hawkish tilt at the European Central Bank following the recently released PMI data from Friday that showed a notable deceleration in private sector growth across the Eurozone in June. Technically, the following illustrates a bearish bias while below the key resistance structure.
The weekly chart’s M-formation has seen a reversion into the neckline resistance that would be expected to hold the bulls off, for now.
The daily M-formation is also in play but there is a price imbalance that could be filled as high as the 61.8% Fibonacci retracement level.
Meanwhile, the market is still on the front side of the hourly correction, at the extreme as illustrated in the chart above. However, it has started to decelerate at resistance and there are prospects of a move lower with 1.0905 as the first structural horizontal support that guards the 1.0880s support area as last defence for a move towards the lows, in the 1.0840s.
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