EURUSD Upswing Slows at Key Resistance 1.1680
Hello everyone, EURUSD is clearly slowing on the H4 chart as it touches the resistance zone 1.16701.1680 overlapping with previous highs, a bearish FVG, and the upper edge of the Ichimoku cloud. Sellers reacted strongly, reflected in the H4 candle closing below the FVG, indicating weakening bullish momentum. Below, the market left empty FVG zones around 1.1620 1.1590 1.1560, potential support areas where buyers may step in.
On the news side, the USD is slightly stronger as investors await PCE data, causing a minor DXY rebound and pressure on the EUR. Eurozone growth remains weak with PMI below 50, while the ECB cannot ease. The Fed is expected to cut 0.25% in December, but confidence is not yet strong enough to weaken the USD immediately.
Overall, EURUSD is likely to adjust toward the lower FVG zones, initially 1.1620. Only a lower-than-expected PCE or stronger Fed easing expectations would provide enough momentum to break 1.1680 and target 1.17251.1740. For now, 1.1680 remains a significant barrier without a news-driven catalyst.