#EURUSD @ 1.06831 bulls are in play as they correct the recent slide.
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- EUR/USD bulls are in play as they correct the recent slide.
- The dominant trend remains bearish while on the backside of the daily bullish cycle’s support trend.
EUR/USD bears have been in play following a series of negative data for the pair on the US side. The pair fell this week in what has been a continuation trade for the shorts that broke the prior long-term trendline support:
With the price now on the backside of the trendline, a bearish thesis is in play. The next target for the bears is in the 1.0670s with the 1.0520s eyed thereafter.
EUR/USD is building a case for such a move but a correction cannot be ruled out at this point:
On the four-hour chart, the price is correcting the recent slide and has come up to test the bear’s commitments towards a 38.2% Fibonacci correction of the bearish impulse. The candle is strong and would be expected to be followed but a further higher low and closing high for the end of the day.
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