• EUR/USD bulls are in play as they correct the recent slide. 
• The dominant trend remains bearish while on the backside of the daily bullish cycle's support trend. 

EUR/USD bears have been in play following a series of negative data for the pair on the US side. The pair fell this week in what has been a continuation trade for the shorts that broke the prior long-term trendline support:

EUR/USD daily chart

With the price now on the backside of the trendline, a bearish thesis is in play. The next target for the bears is in the 1.0670s with the 1.0520s eyed thereafter.

EUR/USD is building a case for such a move but a correction cannot be ruled out at this point: 

EUR/USD H4 chart

On the four-hour chart, the price is correcting the recent slide and has come up to test the bear's commitments towards a 38.2% Fibonacci correction of the bearish impulse. The candle is strong and would be expected to be followed but a further higher low and closing high for the end of the day.