EUR/USD, Technical Analysis – H4

The upward technical correction has reached its optimal height. The 1.1410–1.1420 zone contains the previously broken slanted support line, which now acts as resistance. In addition, a gap has formed below around 1.1380 and is likely to serve as a price magnet. Consequently, we expect the pair to reverse lower toward 1.1350 and 1.1300.
Key Levels:
□ 1.1410–1.1420 — Resistance (former slanted support)
□ 1.1380 — Gap / price magnet
□ 1.1350 — Primary target
□ 1.1300 — Extended target
Primary Scenario:
Decline toward 1.1390 and 1.1350.
Alternative Scenario:
Consolidation within the 1.1400–1.1420 zone.
Analyst Commentary:
High probability of a bearish resolution.