EURUSD Approaches 1.1680 Support as Bearish Momentum Grows

May 4

Hello traders! Here is my technical outlook based on the current EURUSD (1H) chart structure. EURUSD previously traded within a range, consolidating before breaking out to the upside and establishing a short-term bullish phase. After the breakout, price moved into a broader structure and started interacting with a descending resistance line. Currently, price is trading below the 1.1770 resistance level (seller zone), while holding above the 1.1680 support level (buyer zone). The market is also respecting a descending trendline. As long as EURUSD remains below the 1.1770 resistance and respects the descending resistance line, the bearish scenario remains valid. A rejection from this zone could push price toward the 1.1680 support (TP1). Please share this idea with your friends and click Boost 🚀

May 5

Trade closed: target reached

Today we see that our analysis has already worked and yielded results. As we expected, the price has dropped to the key support zone where we should expect a reaction.