EURUSD Technical Outlook: As we can observe, my previous trading forecast for the EUR/USD pair has begun to play out with a notable degree of accuracy. The market has followed the anticipated bearish trajectory, with the price having already declined from the noted level of 1.1635 down to a low of 1.1558. This level has, for the moment, acted as a temporary floor, preventing sellers from pushing the price any lower in the immediate term. However, the underlying momentum and market structure continue to favor the downside, and the prevailing pressure suggests a high probability of a further decline toward the next significant technical target at the 1.1540 level. As I am composing this analytical post, the EUR/USD pair is being quoted at approximately 1.1570, and all signs point to a continued downward movement. A decisive break below the 1.1540 support level would be a significant technical development, likely triggering an acceleration in selling activity. Such a breakdown could mark the beginning of a more aggressive decline phase, potentially driving the pair toward the major psychological and round number support at the 1.1500 level. It is at this pivotal 1.1500 mark that I would strongly recommend a tactical shift in trading strategy. This key support zone represents an ideal area for traders to lock in profits from their successful short positions. Furthermore, given the high likelihood of a technical rebound or at least a substantial corrective rally from such a significant level, this is also a strategic area to consider initiating long positions. The objective for these longs would be to capture a bounce from the 1.1500 support, capitalizing on a potential short-term recovery within the broader bearish trend.
