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Bulls are on a collision course towards key resistance

AliExpress WW
  • EUR/USD bulls encroach on key resistances.
  • Bears are lurking and eye a downside extension. 

EUR/USD is attempting to pull out of a phase of consolidation following a drop from close to 1.02 the figure at the start of last week. However, the price may find resistance in the coming sessions if the bulls stay on the collision course for a deep-rooted trendline. The following analysis illustrates a downside bias for the days ahead.

EUR/USD H1 chart

The hourly chart hs the price attempting a break of horizontal resistance but a break of trendline support would be expected to see the price turn quickly to the downside again and back within the sideways channel. 

EUR/USD daily charts

EUR/USD is correcting in a creeping trend on the daily charts within the bearish cycle and below trendline resistance. A 50% mean reversion will bring the price into close proximity to the resistance and failures will bring the lows back into focus with prospects of a downside extension of the broader bear trend.

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