The EUR/USD currency pair has been on a rollercoaster ride in recent weeks, with the price coming up from the lows in a sharp correction at the start of the week. Currently, the focus is on a continuation of the trend, with 1.0700 eyed on a break of 1.0650 and 1.0670. The price has found demand near 1.0550 and while still on the front side of the bearish trend, the bias remains bearish.
Analysts are expecting a correction into the latest bearish impulse, which could offer a buy-low opportunity for bulls in the coming sessions in anticipation of a test of the trendline resistance. This could be an attractive play for the bulls if enough of a discount is awarded from what would now be regarded as counter-trendline support.
Asian shorts could set up the day for London traders as a buy-low opportunity, as it could be a good way to enter the market at a lower price point. This could be beneficial to traders if the EUR/USD pair is able to break through the trendline resistance.
Technical analysis of the EUR/USD pair reveals that the pair is in a bearish trend. The daily chart shows the price is coming up from the lows in a sharp correction at the start of the week, with 1.0700 eyed on a break of 1.0650 and 1.0670. The price has found demand near 1.0550 and while still on the front side of the bearish trend, the bias remains bearish.
The H1 chart reveals that a correction into the latest bearish impulse is already underway. This could offer a buy-low opportunity for bulls in the coming sessions in anticipation of a test of the trendline resistance. If enough of a discount is awarded from what would now be regarded as counter-trendline support, then this could be an attractive play for the bulls.
Asian shorts could set up the day for London traders as a buy-low opportunity, as it could be a good way to enter the market at a lower price point. This could be beneficial to traders if the EUR/USD pair is able to break through the trendline resistance.
Overall, the EUR/USD pair is in a bearish trend, but a correction into the latest bearish impulse is already underway. This could offer a buy-low opportunity for bulls in the coming sessions in anticipation of a test of the trendline resistance. If enough of a discount is awarded from what would now be regarded as counter-trendline support, then this could be an attractive play for the bulls. Asian shorts could set up the day for London traders as a buy-low opportunity, as it could be a good way to enter the market at a lower price point.
Traders should be aware of the current bearish trend in the EUR/USD pair, but should also keep an eye on the possibility of a correction into the latest bearish impulse. This could offer a buy-low opportunity for bulls in the coming sessions in anticipation of a test of the trendline resistance. Asian shorts could set up the day for London traders as a buy-low opportunity, which could be beneficial to traders if the EUR/USD pair is able to break through the trendline resistance.
In conclusion, the EUR/USD could be an attractive play for the bulls if enough of a discount is awarded from what would now be regarded as counter-trendline support. Asian shorts could set up the day for London traders as a buy-low opportunity, which could be beneficial to traders if the EUR/USD pair is able to break through the trendline resistance. Traders should keep an eye on the current bearish trend in the EUR/USD pair, but should also keep an eye on the possibility of a correction into the latest bearish impulse. This could offer a buy-low opportunity for bulls in the coming sessions in anticipation of a test of the trendline resistance.
