EURUSD | Technical Outlook
Market Structure
EURUSD is currently trading around 1.1700, extending its bearish move after a failed recovery attempt from higher levels. Price recently declined from the 1.1740 – 1.1750 region, breaking below short-term support and accelerating to the downside before finding temporary stabilization near 1.1680 – 1.1690.
The broader move from the 1.1850+ region down toward 1.1650 reflects weakening bullish momentum across the H4 and Daily timeframes, with price beginning to form lower highs and losing upward strength. The current structure suggests a shift toward bearish pressure, supported by continued rejection from higher levels.
Key Resistance Zone
Immediate resistance is located at 1.1720 – 1.1750, supported by:
- Recent breakdown structure
- Lower high formation on H1
- Confluence with moving averages
A rebound toward this zone could face rejection, while a breakout above it may lead to:
- 1.1780
- 1.1820 (higher timeframe resistance)
As long as price remains below 1.1750, bearish pressure is likely to persist.
Key Support Zone
Immediate support is seen at 1.1680 – 1.1660, which aligns with:
- Recent swing lows
- Intraday demand zone
- Short-term reaction area
A breakdown below this level would expose:
- 1.1620
- 1.1580 (key support on higher timeframe)
A sustained move below 1.1580 would reinforce the broader bearish shift.
Expectations
Bearish Scenario (Primary)
If price remains below 1.1720, sellers are likely to stay in control.
A breakdown below 1.1660 could trigger:
- A move toward 1.1620
- Extension toward 1.1580
The current structure favors downside continuation.
Bullish Scenario (Alternative)
A recovery above resistance may signal a short-term reversal.
This could result in:
- A move toward 1.1750
- A push toward 1.1780
However, bullish momentum remains limited unless key resistance is reclaimed.
Outlook
EURUSD remains under short-term bearish pressure, currently stabilizing near the 1.1690 zone after a recent decline. The structure favors continued downside unless price reclaims higher resistance levels.
A confirmed break below 1.1660 would open the door for further losses, while a move above 1.1750 could trigger a corrective rebound.
