Euro may reach seller zone and then continue to fall in channel

Hello traders, I want share with you my opinion about Euro. The price pair has recently shifted its market structure, establishing a clear downward channel after breaking its previous uptrend. Before this breakdown, the price was consistently trading within an Upward Channel, repeatedly finding support in the buyer zone (1.1325–1.1350) and reversing upward. The bullish momentum eventually faded when the price failed to break the major horizontal resistance level at 1.1630. This failure triggered a strong bearish impulse, leading to a decisive breakout below the channel's support line and confirming a trend reversal. Currently, the price is making a corrective move up inside the newly formed downward channel, which appears to be a classic retest of the broken structure from below. I expect this upward move to stall as it approaches the heavy confluence of resistance formed by the channel's upper Resistance Line and the horizontal seller zone at 1.1630–1.1655. After testing this area, I anticipate a rejection and the beginning of a new bearish leg down. That's why I've set my TP at the 1.1500 level — it aligns perfectly with the support line of the current downward channel, making it a logical target for sellers. Please share this idea with your friends and click Boost 🚀

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LegionQ8

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LegionQ8

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