EURUSD - Potential Short from Resistance ZoneThe EURUSD pair is currently trading within a descending channel, indicating a continuation of bearish momentum. The price has recently bounced from the lower boundary of the channel and is now approaching a key resistance zone , aligning with the channel's upper boundary.
If the price rejects this resistance zone, it could signal a resumption of the downtrend. Confirmation of bearish momentum, such as rejection patterns, bearish engulfing candles, or long upper wicks, would strengthen the likelihood of a downward move.
In this scenario, the next target for sellers would be the 1.02029 level. A break below this support could extend the bearish trend further toward lower levels.
Traders should closely monitor price action near the resistance zone for signs of rejection or a potential breakout.