Peter Smith
EUR/USD just hit a wall, and it's got traders scrambling to figure out what's next. After climbing steadily to touch 1.1920, the pair is showing classic signs of exhaustion. The momentum that carried it higher is fading fast, and the technical picture is starting to look pretty ugly for euro bulls.
Technical Breakdown Points to Trouble Ahead
Here's what's got analysts worried: the ascending support line that held the rally together just snapped. According to B Trader, this break is a clear signal that something fundamental has shifted. The chart shows a potential bounce zone around 1.1800 (marked with an "X"), but that's looking more like a dead cat bounce than any real recovery.
The real concern is what happens if that 1.1800 level fails to hold. Bears are eyeing the 1.1580 support zone as their next major target, and honestly, the price action suggests they might get there. We're seeing those classic lower highs that technical traders hate to see when they're long. The selling pressure just keeps building, and buyers seem to be losing their nerve.
The Bottom Line
Unless something dramatic changes and buyers can reclaim control above 1.1800, this looks like the beginning of a deeper correction. The momentum has clearly shifted, and smart money appears to be heading for the exits. For now, caution is the name of the game.
Peter Smith
