EUR/USD Price Analysis: Bears moving in across the timeframes

  • EUR/USD is pressured towards key weekly support.
  • The bears are eyeing a downside weekly extension. 

The EUR/USD price on the weekly chart has corrected to a 50% mean reversion of the prior weekly sell-off. Last week's sell-off could be the start of the bearish extension

A break of 1.00965 will be important:

EUR/USD, daily chart

On the daily chart, the price has left behind a failed inverse head and shoulders:

However, the bearish bias will only be confirmed at the break of the weekly structure around 1.0010. 

EUR/USD H1 chart

From an hourly perspective, the price has corrected 50% of the prior bearish impulse and has started to decelerate into a potential bearish extension for the sessions ahead. 

Nevertheless, the M-formation that is developing is a reversion pattern that would be expected to see the price attracted to the neckline again in due course. 

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