EURUSD – Bears Still in Control!

[theSignalyst]

EURUSD has been overall bearish, trading within a clear descending channel. After rejecting the 1.1950s, price broke structure and shifted momentum to the downside.

At the moment, price is retesting a strong structure zone that aligns with the upper red trendline of the channel. This area acts as a confluence resistance.

As long as EURUSD trades below this zone, the bears remain in control. I’ll be looking for short opportunities from here with the next bearish impulse in mind.

If this structure is broken upward, only then would the short-term bias start to shift. Until then, the path of least resistance remains down.

Do you think EURUSD will respect this resistance, or could we see a breakout to reverse the trend?

️ Disclaimer: This is not financial advice. Always do your own research and manage risk properly.

Stick to your trading plan regarding entries, risk, and management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Richard Nasr.