Euro / U.S. Dollar
Short
Updated

EURUSD Reaches Key Resistance – Reversal or Breakout

413
EURUSD has rallied back to the 1.1382 resistance level, a zone where price previously rejected multiple times. Current structure suggests price is approaching a decision point, where it may either:

Form a double top or head-and-shoulders reversal

Or break out toward 1.1573, the next major resistance

Key Levels:
Resistance: 1.13825 → Critical decision zone

Support: 1.11442 → First major downside target

Deep Support: 1.10846 → Recent low

Scenarios to Watch:
🔹 Bearish Case (Primary Setup)

Price fails to break above 1.1382

Reversal candlestick forms below resistance

Breakdown may target:

1.1144 (first support)

1.1084 (continuation target)

🔹 Bullish Case (Less Likely Unless Confirmed)

Break and close above 1.1382

Bullish continuation to 1.1573

Would signal shift in medium-term trend bias

Chart Pattern Notes:
Price has made multiple lower highs, but also held structure

A triple top or reversal setup is forming unless bulls break decisively

Bearish wedge and neckline structures from past price action support downside risk

Fundamental Watch:
USD volatility from Fed speakers, PMI data

Eurozone risk sentiment and ECB inflation comments

Correlation with DXY (which is near support)

Conclusion:
📌 Rejection at 1.1382 likely leads to downside toward 1.1144
📌 Break above 1.1382 invalidates bearish setup and targets 1.1573
Wait for confirmation candle or momentum before execution.
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