- EUR/USD Bears looking to the 1.2000 level as price meets resistance.
- A 38.2% Fibonacci confluence with structure puts focus on the downside.
Further to the prior analysis, EUR/USD Price Analysis: Bulls looking for significant upside correction, the cross has indeed completed the M-formation as follows:
Prior analysis
Prior analysis, 1-hour chart
Live market, daily chart
Live market, hourly chart
Meanwhile, if the price breaks this current layer of resistance then the upside will be back in play. With that said, if the bears take back control, then a downside extension on the daily chart is in order:
Daily chart
This article was originally published by Fxstreet.com. Read the original article here.