EUR/USD Price Analysis: Bears eye the neck line of the reversion pattern
- EUR/USD's offered and bearish while below 1.0750.
- EUR/USD bears eye on the 78.6% ratio to test 1/07 the figure.
EUR/USD is on the back foot into the final stages of the week following an unexpected decline in Italy's April Industrial Production raised economic concerns for the Eurozone. However, EUR/USD bulls are lurking in the flanks of the correction on the back of central bank divergence themes on the prospects for the Federal Reserve pausing while the ECB continues to raise interest rates. Nevertheless, for the meanwhile, the bearsare moving in and eye the neckline of the daily W-formation as follows:
EUR/USD daily charts
EUR/USD H1 chart
EUR/USD's hourly chart sees the price well on the way to the 38.2% Fibonacci of the daily bullish impulse and below resistance structures as illustrated above. The bias remains bearish while below 1.0750 with eyes on the 78.6% ratio to test 1/07 the figure.