EURUSD Breakdown Confirmed, 1.1640 Support in Focus
Hello traders! Heres my technical outlook on EURUSD (2H) based on the current chart structure. EURUSD initially traded within a well-defined ascending channel, showing a strong bullish structure with higher highs and higher lows after the market started to grow from the lower levels. This bullish phase reflected steady buyer control, supported by a rising support line and multiple clean reactions along the channel structure. Eventually, price broke above the channel resistance, signaling momentum expansion. Following the breakout, EURUSD entered a clear range, where price consolidated between key highs and lows, indicating temporary balance between buyers and sellers. Multiple internal reactions and false moves within this range highlighted uncertainty and distribution near the highs. After topping out, price turned around and transitioned into a short-term descending channel, marking a shift in momentum. During this pullback, EURUSD broke below the range support and the descending channel support, confirming increasing bearish pressure. Price is now trading below the Resistance Level near 1.1720, which aligns with the former breakout area and the Seller Zone, reinforcing it as a strong supply region. The recent breakout below this level suggests sellers are gaining control in the short term. Currently, price is reacting around the Buyer Zone near the Support Level around 1.1670. This area aligns with prior demand and has already produced a small bounce, indicating potential short-term reaction. However, the overall structure remains corrective within the broader move. My scenario: as long as EURUSD remains below the 1.1720 Resistance Level, bearish pressure is likely to persist, with TP1 targeting the 1.1640 Support Level. A clear breakdown below support would open