Bears are patiently waiting at a critical resistance level, as the EUR/USD pair trades at 1.09995.
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- EUR/USD bears are lurking at key resistance.
EUR/USD is flat after its intraday breakout above June’s 1.1012 peak as traders get set for the US Consumer Pricfe Index inflaiton data on Wednesday morning. The following ilustrates the market structure into the data and prospects of a correction towards 1.0900.
The bullish bias persists while on the fronmt side of teh bullish trend line. However, the W-formation is a reverson pattern and with the resistance, the ficus is on a pull back.
Ob the 4-hour time frame, the price is correcting into support. A break of the near term trendline will be a sign that the rally is decelerating and bears will be looking for a test of key supports on the way to the neckline of the W-formation and a test of 1.0900.
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