Hello everyone, here is my breakdown of the current EURUSD setup.
Market Analysis
EURUSD was previously trading inside a range before breaking below it, confirming a shift to bearish momentum. After the breakdown, price briefly moved inside an upward channel, but failed to sustain higher levels and reversed into a downward channel, forming lower highs and lower lows.
Currently, price is trading below the 1.1490 resistance zone, which aligns with a previous breakout area now acting as resistance. At the same time, EURUSD is approaching the 1.1430 support zone, which serves as a key demand level.
My Scenario & Strategy
As long as EURUSD remains below the 1.1490 resistance and respects the descending channel, the bearish bias stays valid. A rejection from this zone could push price toward the 1.1430 support, which is the main downside target.
However, if price breaks and holds above 1.1490, the bearish scenario would weaken and the market could shift into consolidation or a potential bullish correction.
Thatās the setup Iām tracking. Thank you for your attention, and always manage your risk.