- Bears will be keen to pile in at a discount between 1.1450/80.
- The daily 38.2% ratio aligns with the old resistance structure where bulls could be lurking.
As per the prior analysis from the New York session, EUR/USD Price Analysis: Bears challenge bulls and are moving in, 1.1330/50's eyed, the price is meeting a critical resistance area and the bias is with the bears:
EUR/USD H1 chart
The bulls are taking the lead at the moment, but they are up against a wall of resistance, not least, the hourly chart's descending trendline as illustrated above. Even on a break of there, the bulls will likely run into supply between the 1.1450's and 1.1480's.
EUR/USD daily chart
From a daily perspective, the correction has some way to go still and the 38.2% ratio aligns with the old resistance structure, expected to draw in the price for a test of bidding appetite.
