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EUR/USD Technical Analysis
Negative pressure continues to dominate the price action of the EUR/USD pair within the bearish trajectory projected in our previous technical report. The pair is now closing in on the initial target at 1.1600 — just a handful of pips away — after printing an intraday low of 1.1608.
Technical Outlook – 4-Hour Timeframe:
The euro mounted a recovery attempt during intraday trading but failed to establish a foothold above the minor resistance at 1.1655. The pair continues to trade firmly below the prevailing major resistance at 1.1670.
The simple moving averages continue to weigh on the price from above, functioning as dynamic resistance barriers that lend support to the continuation of the downtrend.
On the flip side, the Relative Strength Index (RSI) continues to broadcast clear negative signals, mirroring the weakness in buying momentum and reinforcing the probability of sustained selling pressure over the coming hours.
Bearish (Most Likely) Scenario:
Trading beneath the 1.1670 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: 1.1600 | R1: 1.1670 |
| S2: 1.1555 | R2: 1.1705 |
| S3: 1.1510 | R3: 1.1740 |
