• 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:

This article was originally published by Fxstreet.com.Read the original article here.


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