EUR/USD bears step to the plate which reinforces the monthly resistance. Weekly demand area in the 1.1900 area is compelling. The euro is in the hands of the bears following a strong surge to the upside on the longer-term time frames. The price will likely remain in the bear’s lair in a period of distribution so long as the monthly resistance holds. The following is a top-down analysis of the price action and market structure that arrives at a bearish bias all the way back towards the weekly support structure in the 1.19 area. Daily chart The daily chart shows that the price hit a 61.8% Fibonacci and met supply at the neckline of the M-formation, just as it did on the weekly chart below. The thesis is bearish given the price action and resistance. Weekly As can be seen, the price has retested the M-formations neckline and would be expected to now melt to the downside towards the next support structure. Monthly chart There is confluence across the board. The monthly chart shows that the price is now in the hands of the bears in a supply area and can be expected to head back towards the 61,8% Fibonacci retracement of the monthly bullish impulse. Bears will want to est the confluence of the last resistance that would be presumed new support. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Analysis: ETH buyers keep lurking around 21-day SMA FX Street 1 year EUR/USD bears step to the plate which reinforces the monthly resistance. Weekly demand area in the 1.1900 area is compelling. The euro is in the hands of the bears following a strong surge to the upside on the longer-term time frames. The price will likely remain in the bear's lair in a period of distribution so long as the monthly resistance holds. The following is a top-down analysis of the price action and market structure that arrives at a bearish bias all the way back towards the weekly support structure in the 1.19 area. Daily chart The daily chart shows that the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
