FX.co ★ EUR/USD

Bears in Control as Pivot Level Breaches The technical structure on the 4-hour chart clearly indicates that the EURUSD pair is entrenched within a bearish trend. This negative outlook is firmly supported by the price's sustained position below the Ichimoku cloud, a reliable indicator of persistent downward momentum. While the stochastic indicator is in the oversold zone, which can sometimes suggest potential for a minor correction, it often signals sustained selling pressure within a strong downtrend. This bearish momentum was prominently displayed during recent trading sessions. The pair extended its trajectory south, and sellers demonstrated significant strength by successfully breaking through and consolidating below the pivotal level. This activity has positioned the pair at a current level of 1.1603, placing it in a vulnerable state for further losses. The immediate intraday targets for a continued decline are the classic pivot reversal levels. I expect the selling pressure to persist throughout today's session, driving the price from its current level down toward the first significant support at 1.1552. A decisive break below this 1.1552 level is critical, as it would likely act as a catalyst, triggering a new and more aggressive wave of selling. This would pave the way for a continued move south, with the primary objective being a renewal of the local low below the next support barrier around 1.1454.

However, should bulls attempt to reverse the momentum, they would face a substantial immediate challenge. The key resistance level at 1.1737 now serves as the primary benchmark in the current chart section. Any credible bullish recovery would need to overcome this technical barrier to begin invalidating the current bearish structure.