EUR/USD remains in a clear bearish structure after the strong sell-off recorded on July 23. The pair broke below the previous consolidation area around 1.1400–1.1410 and reached a local low near 1.1365. The current stabilisation around 1.1375–1.1380 should therefore be treated as a pause in the decline rather than a confirmed reversal.
The key intraday resistance is located at 1.1395. As long as the pair remains below this level, sellers are likely to retain control. A renewed test of 1.1365 may lead to a deeper decline towards 1.1340. If selling pressure increases, the next broader downside target is located near 1.1315.
A recovery above 1.1395 would weaken the immediate bearish pressure and open the way towards 1.1420. However, only a return above 1.1445 would materially change the current H1 bearish structure.
Current price: 1.13796
Key intraday level: 1.1395
Support levels:
- S1: 1.1365
- S2: 1.1340
- S3: 1.1315
Resistance levels:
- R1: 1.1395
- R2: 1.1420
- R3: 1.1445
Daily scenario:
- Below 1.1395: bearish pressure remains dominant, with targets at 1.1365 and 1.1340.
- Above 1.1395: a corrective recovery towards 1.1420 becomes possible.
Expected working range: 1.1340–1.1420.
