EURUSD | Technical Outlook
Market Structure
EURUSD is currently trading around 1.1700, stabilizing after a bearish move that followed a prior bullish phase from higher levels. Price recently declined from the 1.1780 – 1.1800 region, finding temporary support near 1.1680 – 1.1700 as it attempts to consolidate.
The broader move from the 1.1450 – 1.1500 zone up toward 1.1800+ reflects strong bullish momentum on the H4 timeframe; however, recent price action shows a clear loss of momentum, with the pair shifting into a corrective bearish phase.
Key Resistance Zone
Immediate resistance is located at 1.1730 – 1.1760, supported by:
- Recent lower highs on H1 and H4
- Short-term supply zone
- Confluence with moving averages
A breakout above this zone could lead to:
- 1.1780
- 1.1820 (key resistance area)
As long as price remains below 1.1760, upside attempts may remain limited.
Key Support Zone
Immediate support is seen at 1.1680 – 1.1660, which aligns with:
- Recent swing lows
- Intraday demand zone
- Psychological support near 1.1650
A breakdown below this level would expose:
- 1.1620
- 1.1580 (key H4 support)
A sustained move below 1.1580 would confirm a deeper bearish correction.
Expectations
Bullish Scenario (Alternative)
If price manages to hold above 1.1660, a recovery attempt could develop.
A breakout above 1.1760 may trigger:
- A move toward 1.1780
- Extension toward 1.1820
However, bullish momentum remains limited unless resistance is clearly broken.
Bearish Scenario (Primary)
Failure to hold above support keeps downside pressure active.
This could result in:
- A move toward 1.1660
- A deeper decline toward 1.1620
A break below 1.1660 would confirm continued bearish momentum.
Outlook
EURUSD is currently under short-term bearish pressure, trading near the 1.1700 pivot zone after rejecting higher levels. The structure suggests a corrective phase within a broader uptrend.
A sustained break below support could accelerate losses, while recovery above 1.1760 is needed to shift momentum back to the upside.
