**Trend Overview:**
The EUR/USD pair has been maintaining a strong bullish structure since the start of 2025, forming consistent higher highs and higher lows. However, recent price action shows signs of exhaustion near the **1.1829** resistance area, suggesting a possible corrective phase.
---
### **Key Observations:**
1. **Elliott Wave Structure:**
* The pair has likely completed a 5-wave bullish sequence:
* (1) High near 1.1829
* (2) Retracement towards the trendline support
* (3) Strong bullish push making a new high
* (4) Potential corrective move forming
* Current price action shows that Wave (5) may be concluding, hinting at a deeper correction.
2. **Trendline Break Risk:**
* Price is testing a well-respected ascending trendline. A clear daily close below this line will confirm bearish momentum.
3. **Support Levels to Watch:**
* Immediate support: **1.1650** (current trendline)
* Key target support: **1.1450-1.1400 zone**, aligning with previous structure and demand area.
4. **Bearish Confirmation:**
* A break below the trendline and Wave (2) low will confirm the corrective leg, potentially dragging price towards the **1.1450 zone**.
---
### **Potential Scenarios:**
1. **Bearish Scenario (Preferred):**
* If EUR/USD closes below the ascending trendline and confirms Wave (4) breakdown, expect a drop towards **1.1450**.
* Further downside could test the 1.1400 psychological level.
2. **Bullish Continuation:**
* If the price holds above the trendline and reclaims **1.1750**, we might see another attempt at **1.1829** highs and potentially new highs.
---
### **Trading Plan:**
* **Short Entry:** On a confirmed break and retest of the ascending trendline (\~1.1650-1.1640 zone).
* **Target:** **1.1450**
* **Stop Loss:** Above **1.1720** (previous structure high).
---
### **Conclusion:**
The EUR/USD pair is at a crucial decision point. Bears need a confirmed break below the trendline to trigger a deeper correction, while bulls must defend this level to maintain the uptrend.
Trade active
Trade closed: target reached
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JOIN MY FREE FOREX & GOLD SIGNALS TELEGRAM CHANNEL
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USER𝐍AME. @XKing05
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Disclaimer
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