EURUSD Intraday Signal: Rejection Near 1.1660 Resistance
Analysis:
EURUSD on the 1-hour timeframe is currently trading inside a corrective recovery phase after forming a strong low near the 1.1520 demand zone. That bounce produced a Change of Character (CHoCH) and allowed the pair to recover toward the 1.1640–1.1660 supply zone.
However, the recovery stalled near 1.1660, where the chart shows a weak high. This area represents a key intraday resistance zone where selling pressure previously entered the market. The inability to sustain price above this level suggests that buyers are losing momentum.
Currently, EURUSD is trading around 1.1630, just below the resistance area. The recent upward move appears to be a retracement into liquidity, rather than a confirmed bullish trend reversal.
If price continues to reject the 1.1660 supply zone, the market may resume its downside movement toward nearby liquidity levels. The first downside target sits near 1.1580, followed by the 1.1520 demand zone, which previously acted as a strong low on the chart.
As long as EURUSD remains below 1.1660, the intraday bias favors bearish continuation.
Trade Setup:
Enter: Sell below 1.1620
Stop-Loss (SL): 1.1675
Target A: 1.1580
Target B: 1.1520