Bulls looking to move in on a 4-hour correciton to the 38.2% Fibo

  • EUR/USD bulls have thrown in the towel on a longer-term basis.
  • However, there could be some meanwhile upside in an immanent correction.

As per the prior multi-timeframe analysis, EUR/USD Price Analysis: Bulls take on bears in critical resistance areathe price is melting to the downside following a typical failure at resistance as follows:

EUR/USD prior analysis, daily and H4 charts

EUR/USD live market

As illustrated on these daily and 4-hour updates in the live market, the price has followed the projected trajectory to the downside.

At this juncture, some stalling in the downside has taken place but the bears remain in control. That being said, there are prospects of a retest of the prior support as follows:

A correction of this current bearish leg could currently target a 38.2% Fibonacci level that falls in based on the current lows of the impulse at 1.0710.

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