EUR/USD Price Analysis: Bears moving in at critical resistance

• Bears need to break the hourly support around.
• 1.1080 will then be eyed on the downside. 

EUR/USD has attempted to recover from the opening gap lows but is failing to get over the line, meeting resistance in a 78.6% Fibonacci retracement of the prior bearish impulse. The following illustrates the current market structure on the hourly chart and prospects of a downside extension.

EUR/USD H4 chart

EUR/USD H1 chart

From the hourly chart, the price will need to break the meanwhile support near 1.1192 which would be expected to act as a resistance on a retest. 1.1080 will then be eyed.