Technical Analysis EUR/USD (Timeframe H1): Assessing Rebound Opportunities After Significant Selling Pressure 
The price movement of the Euro against the US Dollar (
EUR/USD) on the
H1 (1 Hour) timeframe shows highly volatile price dynamics, characterized by an aggressive upward move followed by a sharp
bearish correction. Based on the chart from the InstaForex platform, let’s break down the current technical conditions along with the accompanying indicators.
1. Trend Overview and Price Action Entering early November, EUR/USD briefly showed strong
bullish dominance. The price climbed gradually from the 1.11000 area, forming a series of new highs until it finally peaked near the
1.12700 area. However, that upward momentum was halted at the upper resistance area. From November 5 to 8, selling pressure (
selling pressure) massively dominated the market. The price dropped drastically, piercing various dynamic and horizontal
support levels, even recording a low (
min) below the
1.11000 level.
2. Current Market Condition and SPT Indicator Based on the latest chart update, the current price is at
1.11546, recording a slight change of
+0.00003 (+0.00%) with an opening price of 1.11542, a daily high at 1.11548, and a low at 1.11522.
SPT Indicator Position (10, 3, WEMA): The SPT indicator line is seen at
1.11738 (with the WEMA value shown at 1.1174). This purple indicator line is positioned above the current price, indicating that the short-term trend remains under
bearish pressure or in continued correction.
Key Support Area: The psychological level around 1.11000 serves as an important defensive floor, where the price previously managed to bounce up (
rebound) after selling pressure eased.
Nearest Resistance Area: The SPT indicator line around 1.11738 up to the 1.12000 area will act as the nearest obstacle that buyers must overcome if they want to reverse the trend back to
bullish.
3. Projections and Movement Scenarios Seeing a small recovery pattern forming after touching the lower area, the market appears to be attempting to form a consolidation phase. Traders should pay attention to the following two main scenarios:
Recovery (Rebound) Scenario: If buyers can maintain momentum above the lower
support area and start approaching the SPT indicator line (1.11738), there is a chance for EUR/USD to continue an upward correction toward higher resistance levels.
Bearish Continuation Scenario (Bearish Continuation): Conversely, if the price fails to break above the SPT indicator line and comes under selling pressure again, the risk of weakening toward the previous
min boundary remains open.
Disclaimer: This technical analysis is provided for informational purposes only and is not an absolute guideline or financial solicitation. Always align it with your risk profile and financial management strategy. 
