EUR/USD Technical Analysis: Bearish Channel Tests Critical Support at 1.1640

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Source: Dukascopy Bank SA
The EUR/USD 30-minute chart exhibits a well-defined bearish market structure dominated by a descending channel and a sloping 30-period Simple Moving Average that continues to act as rigid overhead resistance. Price action is currently testing a critical confluence zone where the dynamic channel support meets the immediate horizontal floor at 1.16409, making this a high-stakes pivot point for intraday momentum.

While a technical bounce from these oversold structural lows could spark a brief relief rally back toward the immediate overhead resistance levels at 1.16535 and 1.16614, the dominant path of least resistance remains firmly to the downside. A clean breakdown and sustained close below the 1.16409 level would signal an acceleration of selling pressure, opening the door for a deeper continuation toward the major psychological support target at 1.16000.
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