EUR/USD Price Analysis: Bears eye a break of daily support

• EUR/USD is stalling on the offer and there is a phase of accumulation taking place.
• Bears are lurking and a break of daily support could be on the cards.

EUR/USD dropped on Wednesday following a short series of daily bullish closes. However, the pair is now testing support and there are prospects of a bullish correction prior to the next bearish impulse as the following will illustrate.

EUR/USD daily chart

The price initially rallied out of the wedge but it is yet to fulfill the prospects of a fresh high for the longer-term bullish trend. Instead, the bulls are paring back gains ahead of the long weekend and Friday´s Nonfarm Payrolls. 

EUR/USD H4 chart

With that being said, the price is meeting support and there is an M-formation, a reversion pattern, being carved out on the 4-hour time frame. This could pull the price in for a correction towards the neckline of the formation. 

EUR/USD M15 chart

From a 15-minute basis, the bulls are on the backside of the bearish trend line and there is a phase of accumulation taking place.