EURUSD Under Pressure – Bearish Setup Builds Near Key ResistanceThe EURUSD pair is currently moving within a clearly defined downward price channel, with price action consistently respecting both the upper and lower boundaries over several recent sessions. This structure confirms that the bearish trend remains dominant.
At the moment, price is showing a mild technical rebound, but it has yet to break above the EMA 34 and 89, while a key resistance zone around 1.1740 is looming just above. If a reversal candlestick pattern forms at this level (such as a bearish engulfing or a pin bar), it could provide a high-probability entry for sellers, targeting a drop back to 1.1660 or potentially even the lower edge of the channel.
However, if price decisively breaks above the descending channel and holds above 1.1750, this entire bearish scenario would be invalidated — possibly triggering a deeper corrective rally and placing any short positions at risk.
In summary: The downtrend still holds the advantage — but this is a moment that demands clear confirmation.
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