EURUSD Short: Bearish Structure Holds - Next Stop 1.1370 Demand

Mar 15

Hello traders! Here’s my technical outlook based on the current EURUSD (1H) chart structure. Price previously traded inside a range before breaking below support, confirming a bearish breakout and starting a strong downward move. After the drop, the market formed another consolidation range, followed by a rejection from a pivot point, which led to the formation of a descending channel with lower highs and lower lows.

Currently, EURUSD broke below the channel support and is now retesting the 1.1450 supply zone, which acts as resistance.

My scenario remains bearish while price stays below 1.1450. A rejection here could push EURUSD toward the 1.1370 demand zone, which is the main downside target. If price breaks above 1.1450, the bearish scenario may weaken. Manage your risk!

Mar 16

Trade active

We can say that the price of the euro has so far corrected to the resistance as we expected. Soon, sellers should step in and the price will start moving down.

Mar 17

Trade closed manually

We see that the price has broken through the structure we identified, namely the descending channel, which may indicate a potential change in trend.