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EUR/USD Technical Analysis
The EUR/USD pair exhibited an upward bias during the previous trading session after temporarily establishing a foothold above the psychological support at 1.1600.
Technical Outlook – 4-Hour Timeframe:
The corrective rebound drew support from positive signals on the Relative Strength Index (RSI), which had dipped into oversold territory — a condition that helped mitigate a portion of the negative pressure weighing on the pair.
That said, the simple moving averages continue to impose downward pressure on the price, which could cap the prospects of a sustained recovery and raise the probability of a further bearish correction across the upcoming period.
Bearish (Most Likely) Scenario:
Trading beneath the 1.1660 resistance ceiling supports the continuation of the downtrend, with 1.1600 set as the initial objective. A decisive break below this level would unlock the path toward further declines targeting:
- 1.1560 as the subsequent objective
Bullish Scenario:
Conversely, a confirmed hourly candle close above 1.1680 would expose the pair to a retest of higher levels, with initial targets emerging at:
- 1.1705
- Followed by 1.1735
- Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1585 | R1: 1.1650 |
| S2: 1.1550 | R2: 1.1685 |
| S3: 1.1510 | R3: 1.1720 |
