EURUSD Trendline Break - Bearish Bias

Hello Traders! 👋

What’s your outlook on EURUSD?

EURUSD showed a sharp reaction after testing a key resistance area and has since moved into a correction. The pair has breached its short-term upward trendline, indicating a possible change in structure and a loss of bullish strength.

We anticipate price to retrace toward the previously broken trendline or nearby supply zone. This region may act as a cap, where price could pause and show bearish rejection. Once the retracement is complete, the favored scenario is a continuation to the downside. As long as price stays below the former trendline and resistance area, bearish momentum is likely to remain in control.

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