EUR/USD Technical Analysis

EUR/USD 1H Timeframe Technical Outlook
Key Price Levels:

• Resistance: 1.17401
• Support: 1.16853

Market Structure & Scenarios:
Bearish Rejection from Resistance (1.17401):

• Price is likely to face selling pressure near 1.17401, a level where the market previously reversed.
• Watch for bearish candlestick patterns (e.g., rejection wicks, bearish engulfing) near resistance.
• If rejection occurs, potential downside target: 1.16853 support zone.
• Aggressive traders can sell near resistance with SL above 1.17500, targeting the support area. Bullish Breakout Above Resistance:
• A strong breakout and close above 1.17401, especially with high volume, signals bullish continuation.
• In that case, next target zones could be 1.17750 – 1.18000 area.
• Breakout retest strategy: Buy on a successful retest of 1.17401 acting as new support.

Support Holding at 1.16853:

• Price may test 1.16853 as a support zone if the market corrects.
• Bullish rejection at support opens buy opportunities, targeting back toward 1.17400.
• If support breaks down, expect further decline toward 1.16500 or lower.

Summary:

• Market remains range-bound between 1.16853 – 1.17401.
• Selling near resistance and buying near support is valid unless a breakout occurs.
• Monitor price action carefully for confirmations before entries.