FX.co ★ imran810 | EUR/USD

EUR/USD Technical Analysis: Bearish Pressure Builds below 1.1660 Current Market Overview EUR/USD is showing a clear change in short-term momentum on the intraday chart. The pair is currently trading around 1.1657, while the previous close is near 1.1664. Earlier in the session, EUR/USD moved higher and reached approximately 1.1670, but buyers were unable to maintain that strength. After reaching the session high, the pair started making lower highs and lower lows, indicating that sellers have gradually gained control. The price action suggests that the market is currently in a short-term corrective phase. The rejection from the 1.1670 area is important because this level has acted as a strong intraday resistance zone. As long as EUR/USD remains below this area, traders may continue to watch for further downside movement. Resistance Levels The first important resistance is around 1.1660 - 1.1664. This zone is close to the previous close and could become an important level for the next move. If buyers manage to push the price above 1.1664 and hold it, the pair could attempt another recovery toward 1.1668 - 1.1670. A confirmed breakout above 1.1670 would improve the short-term bullish outlook. In that situation, the next possible targets could be around 1.1675 and 1.1680. However, buyers need strong momentum because the recent price action shows repeated selling pressure near the upper levels. Support Levels On the downside, the first support area is around 1.1650 - 1.1654. The chart shows that the price has recently spent considerable time near this region, making it an important short-term decision zone. If sellers break below 1.1650, the next area to watch is around 1.1645, followed by 1.1640. A sustained move below 1.1640 could increase bearish pressure and open the way toward 1.1635 - 1.1630. However, traders should avoid assuming that every move below support will automatically continue lower. A false breakout is possible, especially when the market is moving within a relatively narrow intraday range. Short-Term Outlook My current short-term outlook is neutral to bearish below 1.1660 - 1.1664. The recent rejection from 1.1670 and the sequence of lower highs suggest that sellers currently have the advantage. A break below 1.1650 could strengthen the bearish scenario. On the other hand, if EUR/USD returns above 1.1664 and successfully holds that level, the bearish pressure could weaken. A move above 1.1670 would be a stronger bullish signal and could attract fresh buyers. Trading Plan For bearish traders, a confirmed break below 1.1650 could provide a potential downside setup, with 1.1645 and 1.1640 as areas to monitor. For bullish traders, it would be safer to wait for a strong recovery above 1.1664, followed by confirmation toward 1.1670. Overall: EUR/USD is currently showing short-term selling pressure after failing to hold the 1.1670 area. The next major move will likely depend on whether buyers can reclaim 1.1660 - 1.1664 or sellers can break 1.1650. Traders should manage risk carefully and wait for confirmation rather than entering during the middle of the range..