There is a possibility that bears may take action at EURUSD’s current level of 1.08926.
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- EUR/USD bears could be about to make their moves.
EUR/USD is a broken down market on the backside of the June rally as it breaks structure on the hourly time frame to the downside opening risk of a deeper correction for the days ahead.
The following analysis illustrates the prospects of a move to break 1.0850 and to target 1.08 the figure and 1.0770s below it.
The price has corrected the sell-off and the bulls are wearing out at a 50% mean reversion level. However, the bears need to turn up in force at this juncture and if they do, there will be prospects of a break below the prior lows as a break in structure to open risk towards 1.0800 and lower.
On the flip side, there will be p[prospects of a move back to fill the imbalance between 1.0920 and 1.09025 that is still left behind in Friday’s sell off the Bears do not commit at this turning point:
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