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The 4-hour chart of EUR/USD reveals a sustained corrective decline within a clearly defined descending channel. After failing to sustain momentum inside the prior ascending channel, price rotated lower and began forming a sequence of lower highs and lower lows, confirming bearish structure. Recent price action is now interacting with a significant demand zone highlighted between approximately 1.1620 – 1.1660, where previous accumulation and displacement originated. This region represents a technically relevant support area where buyers have historically entered the market.
Despite the ongoing bearish pressure, price is showing signs of stabilization within the lower boundary of the channel as it tests demand, suggesting that sellers may be losing immediate momentum. A bullish reaction from this zone could trigger a short-term corrective rally toward mid-channel liquidity levels or previous structural inefficiencies, whereas a clean breakdown and acceptance below demand would open the door for continuation lower into fresh liquidity zones. Overall, the market remains bearish in its microstructure, but the current support area plays a decisive role in determining whether a relief bounce or further downside extension is next.
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