- EUR/USD meets demand territory and the focus is on the upside.
- A 38.2% Fibonacci retracement meets the prior daily support.
The bears are taking the bulls on at a demand area which puts the focus on the upside.
The following illustrates where the bulls will eyeing should the price now correct from out of bearish conditions.
Monthly chart
The price has melted to test the prior resistance which meets a 61.8% Fibonacci retracements.
Weekly chart
The price is broken the 21-day moving average in the latest bearish impulse, but the demand area is compelling.
Daily chart
A 38.2% Fibonacci retracement at this juncture has a confluence with the prior lows which would be expected to be tested.
4-hour chart
Meanwhile, there is a resistance structure on the way there according to the 40hour chart which has a confluence wit the 10-moving average as a first target.
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