- EUR/USD is currently trapped between critical support and resistance.
- The single unit is faring better following a fall in US yields.
EUR/USD is slightly firmer on the day trading around the 1.16 figure after rising from a low of 1.1548 to a score a high of 1.1626 following a drop in US yields as follows:
The 10-year yield is testing the horizontal support and has broken below the trendline. On a restest of what is now regarded as a counter trendline, should the bears step in, the US dollar would be expected to be pressured also. This gives rise to bullish prospects for the single currency as follows:
EUR/USD weekly chart
The weekly chart offers a bearish bias at this juncture, pressure below the resistance.
EUR/USD daily chart
As for the daily chart, the price is trapped between critical support and resistance following a test of the M-formation’s neckline.
EUR/USD 4HR chart
The 4-hour chart illustrates the trapped scenario and the critical levels of support and resistance structure shown in the chart above.
This article was originally published by Fxstreet.com.Read the original article here.
