EURUSD | Technical Outlook
Market Structure
EURUSD is trading within a short-term consolidation phase following a strong impulsive bullish move that pushed price toward the 1.1620 area. The pair has since lost momentum, transitioning into a range-bound structure on the lower timeframes, while the H4 chart still reflects a recovery phase after a broader downtrend.
The recent price action shows repeated rejections from higher levels, suggesting that bullish momentum is weakening in the near term. Despite holding above key short-term support, the pair remains capped below resistance, indicating a lack of directional conviction and a potential buildup before the next move.
Key Resistance Zone
The nearest resistance is located at 1.1600 – 1.1620, where recent upside attempts have been rejected.
Additional resistance levels:
1.1660 – 1.1680 (H4 supply zone)
1.1700+ (major psychological resistance)
As long as price remains below 1.1620, upside momentum is likely to stay limited.
Key Support Zone
Immediate support lies at 1.1560 – 1.1580, a zone that has been repeatedly tested and defended in recent sessions.
A breakdown below this zone would expose further downside targets:
1.1520
1.1480 – 1.1500 (key structural support)
A sustained move below 1.1480 would confirm a shift back toward bearish continuation.
Expectations
Bearish Scenario (Primary)
While price remains below 1.1620, the pair is vulnerable to downside pressure.
A break below 1.1560 would likely trigger further selling toward 1.1520, with potential extension toward 1.1480.
Bullish Scenario (Alternative)
A sustained move above 1.1620 would signal renewed bullish strength, opening the door toward:
1.1660 – 1.1680
1.1700+ if momentum accelerates
However, a broader bullish continuation requires a clean break of recent highs.
Outlook
EURUSD is currently consolidating after a strong upward move, with price trapped between key support and resistance levels. While the broader recovery remains intact on higher timeframes, the short-term structure reflects indecision. A breakout from the current range will likely determine the next directional move.
