EURUSD is testing the breakout downside reversal resistance
EURUSD is testing the key downside reversal resistance 1.17500. A close above 1.1900 is required for the upside continuation and extension higher to a new high. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 1.17500. A break below this level would lead to a deep pullback and a test of 1.1500. The overall long-term is downtrend and we need to see a break below 1.1500 for a complete downside reversal and a continuation.
Note – We are inclined more to short trade entries with the stop loss above 1.1800 upon a break below 1.17500
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