EUR/USD, Technical Analysis – H4

Bulls are aggressively challenging the descending structure, which is now in a clear phase of potential breakdown. If buyers manage to consolidate above the 1.1600–1.1610 zone — a complex cluster of trendline resistance and a psychologically significant level — the path toward 1.1740 will open. From the intermediate pivot at 1.1660, a local corrective pullback toward the 1.1600–1.1610 zone is likely.

Key Levels:

□ 1.1600–1.1610 (key resistance / retest zone)

□ 1.1660 (intermediate pivot)

□ 1.1740 (next upside target)

□ 1.1500 (alternative downside support)

Primary Scenario:

Breakout toward 1.1660, followed by a corrective pullback to the 1.1600–1.1610 zone.

Alternative Scenario:

Failure to hold above 1.1600–1.1610 could lead to a renewed decline toward the 1.1500 area.

Analyst Commentary:

For those positioning for further upside, it is prudent to wait for a retest of the 1.1600–1.1610 zone. Swing traders, however, have the opportunity to capture all three legs of the move: the advance to 1.1660, the correction to 1.1600, and the subsequent rally toward 1.1740.