Technical Analysis Summary
- Trade Direction: Neutral-to-Bearish (Consolidation near lower bound)
- Reasoning: Following a massive structural drop from the 1.1600+ levels, the pair established a bottom near 1.1332. It then experienced a steady recovery back up to the 1.1450 zone. Currently, the price has broken back down below the blue moving average line, which is flattening out. The immediate price action shows a series of lower highs over the last distinct swing, suggesting that the recent recovery bounce has exhausted its momentum and the sellers are stepping back in.
Key Levels
- Resistance:1.1450 – 1.1470
- Reasoning: This level marks the recent swing highs formed after the recovery attempt stalled. It aligns closely with the minor supply zone just before the market consolidated.
- Support:1.1330 – 1.1350
- Reasoning: This marks the structural double-bottom floor where the aggressive downward sell-off was halted. A breach below this major support corridor will confirm the continuation of the broader bearish macro-trend.
