EUR/USD is a mixed picture across the weekly, daily and 4-hour time frames. EUR/USD is leaning slightly bearish when taking into account a multi-time-frame analysis.
From a weekly perspective, the price is being pressured at resistance and by the 38.2% Fibonacci retracement level of the prior bearish impulse. This could equate to a downside continuation in the coming weeks and towards prior highs expected to act as a support zone near 1.1420.
The daily chart, however, is on the verge of a test of support that could result in a move back to the upside to test the M-formation's neckline where it meets the 21-day EMA that would be expected to resist on first attempts. A break of the horizontal support, however, will pressure the dynamic and potentially lead to a downside continuation.
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