Hello traders! Here’s my technical outlook based on the current EURUSD (4H) chart structure. EURUSD previously traded inside a descending channel before breaking higher and shifting bullish. Price then moved toward the 1.1720 Pivot Point, where sellers rejected the upside and pushed price lower.
Currently, EURUSD is trading below the 1.1570 Supply Zone while holding above the 1.1480 Demand Zone and ascending Demand Line. The recent breakout failure below supply suggests sellers may continue to push price lower.
As long as EURUSD remains below the 1.1570 Supply Zone and respects the bearish structure, the bearish scenario remains valid. A successful continuation lower could push price toward the 1.1480 Demand Zone (TP1). However, a breakout and close above 1.1570 would weaken the bearish outlook and increase the possibility of further upside. Manage your risk!
Currently, EURUSD is trading below the 1.1570 Supply Zone while holding above the 1.1480 Demand Zone and ascending Demand Line. The recent breakout failure below supply suggests sellers may continue to push price lower.
As long as EURUSD remains below the 1.1570 Supply Zone and respects the bearish structure, the bearish scena...