EURUSD

Hello Traders! 👋

What are your thoughts on EURUSD?

EURUSD has confirmed a bearish breakout from a Bear Flag, reinforcing the prevailing downtrend.
After losing the 1.1475–1.1510 support zone, which has now turned into a key resistance area, the pair completed a downside breakout from the Bear Flag, signaling that sellers remain firmly in control.

The breakout occurred below the long-term descending trendline, adding further confluence to the bearish outlook. As long as price remains below the resistance zone and the descending trendline, the broader market structure continues to favor the downside.

If selling pressure persists, the 61.8% Fibonacci retracement level could serve as the next downside objective while also acting as a significant support area where price may react.

A sustained daily close back above the resistance zone would weaken the bearish outlook and increase the probability of a deeper bullish correction.

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