A successful defense of the 1.1120 level confirmed by a solid hourly close back above 1.1140 opens the door for a double-bottom mean-reversion move toward initial resistance at 1.1170, followed by the 1.1200 pivot. Conversely, a clean breakdown and hourly close below 1.1115 would invalidate the range floor, confirming a bearish continuation that exposes deeper liquidity pools down toward the 1.1080 – 1.1050 zone. Waiting for confirmation before entering avoids either selling directly into strong support or catching a falling knife without reversal signals.
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EUR/USD chart is testing a critical support zone around 1.1120 – 1.1125, following a steep, sustained sell-off from the recent rejection near 1.1220. This area represents the lower boundary of the broader multi-week range and aligns with the major mid-month swing low. While the prevailing short-term trend remains firmly bearish—marked by consecutive lower highs and lower lows—the RSI (14) has begun curling upward to around 41.10 after dipping into oversold territory, suggesting that downside momentum is decelerating as price reaches key structural demand.
A successful defense of the 1.1120 level confirmed by a solid hourly close back above 1.1140 opens the door for a double-bottom mean-reversion move toward initial resistance at 1.1170, followed by the 1.1200 pivot. Conversely, a clean breakdown and hourly close below 1.1115 would invalidate the range floor, confirming a bearish continuation that exposes deeper liquidity pools down toward the 1.1080 – 1.1050 zone. Waiting for confirmation before entering avoids either selling directly into strong support or catching a falling knife without reversal signals.
Wed, 28 Oct 2026 11:35:46 GMT
Source: Dukascopy Bank SA
A successful defense of the 1.1120 level confirmed by a solid hourly close back above 1.1140 opens the door for a double-bottom mean-reversion move toward initial resistance at 1.1170, followed by the 1.1200 pivot. Conversely, a clean breakdown and hourly close below 1.1115 would invalidate the range floor, confirming a bearish continuation that exposes deeper liquidity pools down toward the 1.1080 – 1.1050 zone. Waiting for confirmation before entering avoids either selling directly into strong support or catching a falling knife without reversal signals.
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