EURUSD Short: Weak Momentum at Highs Points to Downside Move

Hello traders! Here’s my technical outlook based on the current EURUSD (4H) chart structure. Price previously traded inside a descending channel, forming lower highs and confirming bearish pressure. After a breakdown, EURUSD found support and started forming a recovery phase.

Currently, price broke above a key level and is now holding near the 1.1620 demand zone, confirming it as short-term support. However, the market is approaching the 1.1710 supply zone, which acts as strong resistance and aligns with the previous structure.

As long as EURUSD remains below 1.1710 resistance, the bearish bias becomes valid.
Look for rejection signals (wicks, lower highs, fake breakout) at this zone. A confirmed rejection could push price toward the 1.1620 demand zone (TP1). If this level breaks, downside may extend further. Manage your risk!

Transaction en cours

We can see that the price has deviated from the resistance zone and is gradually moving down. We will expect a further decline to the support level, where a reaction may follow!

Note

The price almost fell to the level we expected, but buyers tested resistance again. So I still expect a pullback to support!

Ordre annulé

So far, we see that buyers have continued to dominate and the price is not yet going to retest support as we expected.

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