EUR/USd Price Analysis: Bulls and bears battle it out at key structure
- EUR/USD bulls eye up a key resistance structure.
- The bears need to get back below 0.9850.
EUR/USD's daily chart is indeed bearish while below the trendline resistance. The price is on the verge of a break of structure as per the triangle coil as it moves in on the resistance in a creeping bullish short-term trend.
EUR/USD daily chart
A move below 0.9700 opens the risk of a test of 0.9535 for the foreseeable future. A break of the resistance, however, puts 1.0000 back in focus and 1.0200 thereafter.
EUR/USD H1 chart
The hourly chart shows that the price is stalling within the W-formation but should bulls commit at 0.9850, we could see the makings of a breakout structure to cement the bullish case going forward.
DXY technical analysis
The US dollar is leaning on a key area of support within the bullish flag on a daily time frame. The rising support could see the greenback bust back to life and hinder the prospects of a stronger correction in the gold price.
