EUR/USD Price Analysis: Bulls could be about to make a move

Market news

2 August 2022

EUR/USD Price Analysis: Bulls could be about to make a move

EUR/USD is carving out an inverse H&S.
The bulls are eyeing the price imbalance on the daily chart to the upside.

EUR/USD has been offered while the dollar rallied as risk appetite was dampened by economic uncertainties and escalating US-China tensions. However, from a technical perspective, there could be some gas left in the bulls yet and the following illustrates a bullish scenario for the days ahead.

EUR/USD daily chart

The euro is under pressure but could be on the verge of carving out an inverse head and shoulders. This is a bullish pattern that could lead to the price running higher into the area of price imbalance between 1.0293 and 1.0416.

Currencies. Daily history for Tuesday, August 2, 2022

Commodities. Daily history for Monday, August 1, 2022

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