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24 Oct 2022

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. 

 

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