- EUR/USD bears stay in control and eyes are on a significant retracement.
- The daily time frame’s 38.2% ratio is located at 1.1345.
As per the prior analysis, EUR/USD: Bulls firming, eyes on M-formation neckline before 1.1410 break, the price remains pressured with a bias to the downside from both the hourly and daily perspectives.
EUR/USD prior analysis, H1 chart
As illustrated, from an hourly time frame basis, the price was expected to remain under pressure following the bull’s last attempts into resistance.
EUR/USD live market
As can be seen, the price has respected the forecasted trajectory below resistance and would be expected to continue lower in the coming week. On a daily basis, the 38.2% Fibonacci retracement levels have a confluence with the prior structure on a closing basis as follows: