Home Forex Bearish eye move to 1.0050

Bearish eye move to 1.0050

by SuperiorInvest
  • EUR/USD bears are lurking in a key top formation.
  • If the price stays below 1.0130, 1.0050 is calculated for the day ahead.

EUR/USD was higher by some 0.7% in late North American trade as bulls committed to trendline support, so far. However, the single currency is well below the highs earlier in the week and top formations are being printed on the hourly chart. The following illustrates the short-term bearish bias as markets await Tuesday’s US inflation data:

EUR/USD Chart H1

Price formed the top of the formation near 1.0200 and again at 1.0150 with M-formations. While below 1.0130, this leaves the focus on the downside for the next session. The chart above depicts the potential flight path for the single currency with 1.0050/35 as a potential downside and structure.

First you need to put 1.0105. A retest of the neckline of the current M-formation could be the first in line, and if it holds, the bears will have the ammunition needed to take on the bull’s commitments around the 101 number.

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