Saad Ullah
The EUR/USD is facing renewed pressure as intraday charts reveal fading bullish momentum. Following a sharp drop earlier in the session, EUR/USD now hovers just beneath the 1.1700 mark, unable to attract meaningful buying interest. The pair appears to be consolidating after its decline, struggling to mount any convincing recovery.
EUR/USD Under Renewed Pressure
A recent analysis from trader B Trader highlights a potential short setup, suggesting the pair may retest resistance before continuing its downward trajectory. The 15-minute chart shows EUR/USD trading around 1.1685, stuck in a consolidation phase after the earlier sell-off.
Price action is running into trouble at the 1.1695–1.1700 zone, which looks like a natural entry point for sellers looking to re-establish short positions. The technical picture suggests a minor bounce toward short-term resistance could set up a deeper move lower, with downside targets sitting at 1.1665–1.1650 and potentially extending toward 1.1640 if selling pressure intensifies. A pattern of lower highs combined with strong bearish candles confirms the negative momentum currently in play.
Macro Drivers Behind the Weakness
The dollar continues to flex its muscle thanks to elevated Treasury yields and surprisingly resilient U.S. economic data. Meanwhile, the eurozone is grappling with weak growth and persistent inflation concerns that are dragging on the euro's appeal. Market sentiment for EUR/USD remains fixated on the 1.1700 level as the key pivot point - if the pair can't reclaim that threshold, it reinforces the bearish outlook and opens the door for further losses.
Saad Ullah
