On the H1 timeframe, EURUSD is clearly moving within a descending channel. After a strong breakout above 1.15800, the price has repeatedly created weak pullbacks and been pushed lower. Currently, the price is around 1.14357, still below the Ichimoku cloud, indicating that sellers are completely in control of the short-term movement.
The 1.14400 area is the nearest resistance to watch. This is not a bottom-buying zone, but rather an area where sellers may continue to exert pressure if the price rebounds but fails to break through. As long as the structure remains within the descending channel, the logical priority is to wait for a pullback to the resistance level to sell in line with the trend.
If the price continues to be rejected around 1.14400, the next target will be 1.14000. This is a nearby support zone, and also where the price may find a short-term reaction after the decline.
Reference strategy:
SELL: 1.14380 – 1.14400
SL: above 1.14700
TP: 1.14000
The 1.14400 area is the nearest resistance to watch. This is not a bottom-buying zone, but rather an area where sellers may continue to exert pressure if the price rebounds but fails to break through. As long as the structure remains within the descending channel, the logical priority is to wait for a pullback to the resistance level to sell in line with the trend.
If the price continues to be rejected around 1.14400, the next target will be 1.14000. This is a nearby support zone, and also where the price may find a short-term reaction after the decline.
Reference strategy:
SELL: 1.14380 – 1.14400
SL: above 1.14700
TP: 1.14000
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