Sell EURUSD: Breakout of the ascending channel – bears target 1.1580
Hello traders! Below are my technical forecasts based on the current chart structure of EURUSD (3-hours). EURUSD previously traded within a wide consolidation range before hitting a major pivot point near the upper supply line. After failing to maintain the upward momentum, the price broke below the ascending channel support and entered a corrective decline.
Currently, EURUSD is trading below the 1.1720 supply zone while moving towards the 1.1580 demand zone, which acts as the next major support zone.
As long as EURUSD remains below the 1.1720 resistance area and continues to respect the falling supply line, the bearish scenario remains valid. Continued decline may push the price towards the 1.1580 (TP1) demand area. Manage your risks!
