EURUSD Analysis: Resistance Holds, Support at 1.1660 in Focus

May 14

Hello traders! Here is my technical outlook based on the current EURUSD (4H) chart structure. EURUSD previously traded inside a descending channel. After forming a local bottom, price reversed sharply, broke above the descending resistance line, and entered a consolidation range. Currently, EURUSD is trading below the 1.1800 seller zone while holding above the 1.1660 buyer zone. Price recently bounced from the upper boundary of a descending channel and failed to break above resistance, signaling that sellers remain active near the top of the structure. As long as EURUSD remains below the 1.1800 resistance level and continues to respect the descending channel resistance, the bearish scenario remains valid. A rejection from this area could push price toward the 1.1660 support level (TP1). Please share this idea with your friends and click "Boost" 🚀

May 15

Trade closed: target reached

Today the chart showed us that our target was reached. As I analyzed, the price continued its movement in the descending channel!