EURUSD Short: Faces 1.1800 Resistance - Downside Toward 1.1700

Apr 22

Hello traders! Here’s my technical outlook based on the current EURUSD (4H) chart structure. EURUSD previously moved inside a descending channel, forming lower highs and confirming bearish pressure. After a breakdown, price found a pivot point and started a recovery phase, shifting into a bullish structure with higher lows.

Currently, price is trading above the 1.1700 demand zone, which acts as key support, while approaching the 1.1800 supply zone. At the same time, a descending supply line is acting as dynamic resistance, and a recent fake breakout indicates selling pressure at higher levels.

As long as EURUSD remains below the 1.1800 resistance and respects the descending supply line, the bearish scenario remains valid. A rejection from this zone could push price back toward the 1.1700 support (TP1). Manage your risk!

Apr 23

Trade closed: target reached

As we can see, our analysis proved to be correct quite quickly. As we expected, there was a change in market sentiment and the price continued to move down towards our target. It also broke through the triangular structure, which indicates a further decline!