EUR/USD Price Analysis: Bears are lurking below 1.0550, eyes on a significant correction

• EUR/USD runs into an area of resistance and focus is on the trendline support. 
• Bears are chipping away at the bullish trend and eyes are on a correction. 

EUR/USD has been rallying over the course of the winter months and into year-end. However, there are prospects of a bearish correction in the meantime as the following technical analysis will illustrate. 

EUR/USD weekly chart

The bulls are taking out key weekly trendlines as the price moves into the mid-1.0550 resistance area. While the bias is to the upside, there are prospects of a bearish correction as follows: 

EUR/USD daily charts

The price is decelerating on the bid and is starting to erode the trend with a move that is taking out the micro trendline as illustrated above. A break of the 1.0500 level opens the risk of a deep correction for the days ahead.