Peter Smith
The euro is under serious pressure right now, and technical traders are spotting some concerning signals. What started as a failed bounce has turned into something that could get much uglier for EUR/USD bulls. Here's what the charts are screaming.
EUR/USD Faces Fresh Bearish Breakdown
EUR/USD is currently trading at 1.16084, and frankly, it's not looking pretty for euro supporters. According to forex trader @Ib_Forex01, the 4-hour chart is painting a clear bearish picture that's hard to ignore.
The pair just got smacked down from the 1.1620 fair value gap zone, failing to hold what should have been decent support. Earlier, we saw a brutal rejection near 1.1720 where the market structure shift got confirmed—basically telling us that sellers have taken over the wheel.
What's particularly telling is how weak these recovery attempts have been. Every time EUR/USD tries to bounce, it gets slapped back down with zero conviction. That's classic bear market behavior right there.
EUR/USD Price Target: 1.13879 in the Crosshairs
Here's where things could get really interesting. Bears are eyeing a drop toward 1.13879—that's the daily order block level that's been acting like a magnet for price action.
If selling pressure keeps building, that 1.13879 target isn't just possible, it's starting to look probable. We're talking about a decent chunk of downside from current levels.
Sure, we might see some short-term bounces back into that 1.1620 zone, but unless EUR/USD can somehow break and hold above 1.1700-1.1720, this bearish trend isn't going anywhere. Some traders are even whispering about a deeper dive toward 1.1500 if things really fall apart.
The bottom line? EUR/USD looks like it's setting up for more pain, and that 1.13879 level might be where the real action happens.
Peter Smith
