EURUSD | Technical Outlook
Market Structure
EURUSD is currently trading around 1.1705, attempting a mild recovery after a sustained bearish move from higher levels. Price recently declined from the 1.1760 – 1.1780 region, breaking below short-term support and extending lower before stabilizing near the 1.1690 – 1.1700 area.
The broader structure shows a transition from prior bullish momentum into a corrective bearish phase, with price forming lower highs and struggling to regain upside traction. Current price action reflects consolidation within a weak structure, suggesting sellers remain in control on H1 and H4 timeframes.
Key Resistance Zone
Immediate resistance is located at 1.1720 – 1.1750, supported by:
- Recent breakdown structure
- Lower high formation on H1
- Moving average resistance cluster
A move toward this zone may attract selling pressure, while a breakout above it could open the door for:
- 1.1780
- 1.1820 (higher timeframe resistance)
As long as price remains below 1.1750, upside momentum is likely to stay limited.
Key Support Zone
Immediate support is seen at 1.1690 – 1.1670, which aligns with:
- Recent swing lows
- Intraday demand zone
- Short-term consolidation base
A breakdown below this level would expose:
- 1.1650
- 1.1600 (key psychological and higher timeframe support)
A sustained move below 1.1600 would confirm further downside continuation.
Expectations
Bearish Scenario (Primary)
If price remains below 1.1720, sellers are likely to maintain control.
A break below 1.1670 could trigger:
- A move toward 1.1650
- Extension toward 1.1600
The overall structure favors continued downside pressure.
Bullish Scenario (Alternative)
A recovery above resistance may indicate a short-term reversal.
This could lead to:
- A move toward 1.1750
- A push toward 1.1780
However, bullish momentum remains corrective unless higher resistance is reclaimed.
Outlook
EURUSD remains under mild bearish pressure, currently stabilizing near the 1.1700 zone after a recent decline. The structure suggests consolidation with a downside bias unless price breaks above key resistance.
A confirmed move below 1.1670 would reinforce bearish continuation, while a break above 1.1750 could trigger a short-term recovery.
