The EUR/USD pair on the 1-hour timeframe has recently shown significant volatility. After consolidating within the 1.1530 – 1.1580 support range, the price broke out to the upside and moved toward higher resistance levels.
Key Levels
Support Zone: The green area between 1.1530 – 1.1580, which has repeatedly held price and acted as a strong demand zone.
Resistance Zone: The 1.1720 – 1.1740 range, where strong selling pressure has emerged and capped further bullish momentum.
Market Structure
Following the bullish breakout, price faced rejection near resistance and entered a corrective phase. While the broader structure still leans bullish, current movements highlight uncertainty as the market decides between continuation and reversal.
Possible Scenarios
Bullish Scenario:
If price can break and sustain above 1.1720, the bullish momentum may extend toward 1.1760 and potentially higher levels. This would signal renewed buyer strength.
Bearish Scenario:
If the price fails to hold above resistance and drops below 1.1650, sellers may regain control, driving the pair lower toward 1.1600 and then 1.1550.
Conclusion
EUR/USD is trading near a critical resistance zone, and the market’s reaction around 1.1720 – 1.1740 will be decisive. A confirmed breakout would favor further upside, while rejection could trigger a deeper correction. Traders should closely monitor these levels and wait for confirmation before entering new positions.
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