EURUSD BEARISH CONTINUE TOWARDS 1.1528 AFTER HARMONIC REVERSAL 🔍 Pattern & Structure Analysis
1. Bearish Channel
The chart clearly shows EUR/USD moving within a descending channel (yellow zone).
Price is currently near the upper mid-section of the channel and is showing resistance there.
This suggests the pair is still in a medium-term downtrend.
2. Harmonic Pattern (Possibly a Bearish Bat or Gartley)
The labeled points X-A-B-C-D indicate a completed harmonic structure.
Completion of point D typically suggests a potential reversal zone (PRZ).
After touching D, price has started to drop, confirming bearish momentum from the harmonic completion.
3. Consolidation Phase
Between October 21–23, the price was consolidating (small sideways movement).
This consolidation near the channel’s mid-level hints at a potential breakout—likely downward, given the overall bearish structure.
🎯 Key Levels to Watch
Level Type Description
1.1620–1.1640 Resistance Top of the consolidation area, also near D point completion
1.1600 Short-term support Currently being tested
1.1540–1.1528 Major Support / Target Projected next target, aligns with channel’s lower boundary and prior lows
📉 Trade Outlook (Technical Bias)
Bias: 🔻 Bearish
Entry Idea: Break and close below 1.1600 could trigger further downside momentum.
Target: 1.1540 – 1.1528 zone.
Stop-Loss (for shorts): Above 1.1640 (above recent swing high).
Risk–Reward: Approx. 1:2 depending on entry.
