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EUR/USD Technical Analysis
The EUR/USD pair encountered pivotal resistance in the vicinity of the 1.1680 level, which successfully capped the bullish momentum and triggered a limited downside correction in the wake of recent gains.
Technical Outlook – 4-Hour Timeframe:
The price’s failure to establish a foothold above 1.1680 paved the way for some selling pressure within a natural corrective move — one aimed at alleviating overbought conditions and rebuilding the constructive momentum required to resume the prevailing uptrend.
On the constructive side, the simple moving averages — particularly the 50-period moving average — continue to provide dynamic support beneath the price, reinforcing the probability of a return to the uptrend as long as trading remains anchored above the key support floors.
Momentum indicators are likewise consolidating near positive territory, suggesting that the current declines are likely to remain contained unless the key support levels give way.
Expected Scenarios:
Bullish (Most Likely) Scenario:
Sustained trading above the 1.1620 support floor preserves the prospects of a resumption of the uptrend — particularly should the price successfully breach the 1.1680 resistance and hold above it — with targets set at:
- 1.1715 as the initial objective
- Followed by 1.1740 as the subsequent target
Bearish Scenario:
Conversely, a confirmed hourly candle close beneath the 1.1620 support would propel the pair into a deeper corrective downside wave, targeting:
- 1.1590 as the initial objective
- Followed by 1.1555 as the subsequent level
- 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: 1.1620 | R1: 1.1680 |
| S2: 1.1590 | R2: 1.1715 |
| S3: 1.1555 | R3: 1.1745 |
