- EUR/USD bulls seeking an upside correction from the next daily support.
- Bears are in control from a longer-term perspective.
The euro has been under pressure since making a double top on the daily chart and bears remain in control for the open this week.
The following is a top-down analysis that illustrates where the price might be expected to travel over the coming sessions.
Monthly chart
From a monthly perspective, there is a high probability that the euro will now correct from a strong demand area.
Weekly chart
Meanwhile, the weekly chart sees the price melt from 38.2% Fibonacci retracement resistance that offers further downside prospects.
Daily chart
On a break of the current support structure, the bulls will be seeking an upside correction back to test the structure.
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