EURUSD | Daily Technical Outlook
Market Structure
EURUSD has pulled back after testing the $1.1680 resistance zone to reach $1.16530, signaling early signs of bullish exhaustion.
Following a steady climb from the $1.1550 region, the pair reached a short-term peak before sellers stepped in, pushing price lower on intraday timeframes.
Current price action reflects a slowing bullish trend, with EURUSD failing to maintain momentum above key resistance. While the broader structure remains moderately bullish, the latest rejection suggests rising downside pressure.
Key Resistance Zone
Immediate resistance is located at $1.1675 – $1.1685, where multiple wicks and strong rejections have formed.
Additional upside barriers:
- $1.1720
- $1.1765
- $1.1800 (major long-term resistance)
As long as EURUSD trades below $1.1685, buyers may struggle to regain control.
Key Support Zone
First support currently lies at $1.1620 – $1.1635, an area that recently acted as an intraday reaction zone.
If this level breaks, expect further downside toward:
- $1.1590
- $1.1550 (important structural support)
- $1.1500 – $1.1515 (major bearish continuation area)
A move below $1.1500 would significantly shift the trend back toward a bearish outlook.
Expectations
Bearish Scenario (Primary)
While EURUSD remains below $1.1685, downside correction remains the favored scenario.
A break below $1.1620 may trigger a continuation toward:
- $1.1590
- $1.1550
A deeper decline could test $1.1500.
Bullish Scenario (Alternative)
A clean breakout above $1.1685 would indicate renewed bullish strength.
Such a move opens the door toward:
- $1.1720
- $1.1765
- $1.1800 (trend continuation confirmation)
However, until $1.1685 is broken, upside moves remain corrective rather than impulsive.
Outlook
EURUSD is showing early signs of weakening bullish momentum following its rejection from a major resistance level.
The broader trend remains cautiously bullish, but the pair must hold above support and reclaim $1.1685 to avoid shifting into a corrective phase.
A loss of $1.1620 may signal the start of a deeper pullback.
