EUR/USD Price Analysis: Bears are lurking with eyes on 61.8% Fibo target

EUR/USD is on the verge of a significant correction according to the following top-down analysis that illustrates the market structure and bearish bias across the monthly, weekly and daily time frames. The bulls need to clear the monthly resistance at this juncture or face an onslaught from the bears to test the support structure. The weekly chart is showing signs of upside exhaustion and would be expected to see the price to the 38.2% or the 50% mean-reversion targets. The daily chart is showing a W-formation on the candles. The rule of thumb is that the majority of such formations will see a … (full story)

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