EURUSD Bearish Correction Scenario Still Active, Target 1.1730

May 11

Hello traders! Here is my technical outlook based on the current EURUSD (3H) chart structure. EURUSD previously traded inside a range before breaking out and entering a bullish phase. After the breakout, price moved within an ascending channel. Currently, EURUSD is trading above the 1.1730 buyer zone, which acts as strong support, while approaching the 1.1800 seller zone. Price is also respecting the ascending support line, while repeated rejections from the descending resistance line indicate strong selling pressure near the top boundary. As long as EURUSD remains below the 1.1800 resistance and respects the descending resistance line, the bearish correction scenario remains valid. A rejection from this area could push price toward the 1.1730 support level (TP1). Please share this idea with your friends and click "Boost" 🚀

May 12

Trade active

The correction happened as we expected from our analysis. However, we haven't reached the level yet. I expect that the price will be able to go lower after retesting the resistance!

May 13

Trade closed: target reached

All my expectations were met and the price also broke through a symmetrical triangle, which may indicate continued pressure from the sellers' side!