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18.01.2022 05:43

EUD/USD Price Analysis: Reaccumilaiton playing out from 1.1380, eyes to 1.1500

  • 1.1380 eyed by the EUR/USD bears n a break of short term support.
  • EUR/USD bulls look for an upside continuation post reaccumulation phase. 

As per the prior analysis, EUR/USD Price Analysis: Bulls eye an extended rally towards monthly targets, EUR/USD continues to develop the bullish structure that leaves the forecast on point so far. 

EUR/USD, prior analysis

The 4-hour chart showed a period of accumulation that had recently seen a breakout, termed as the ''mark-up''. It was stated that ''should the buyers move in at a discount, then the price would be expected to ''accumulate'' and move higher to mitigate the next imbalance of price towards the monthly M-formation's neckline.''

As it stands, the price has melted as expected in a correction towards the ''reaccumulation'' point as follows:

EUR/USD lower time frames

That's not to say we cannot see any further downside. In fact, the hourly perspective is bearish and a downside extension could be forthcoming:

From a 15-min perspective, the price needs to get below the meanwhile support as follows:

1.1380 will be eyed as a target on such a break.


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