EURUSD is losing momentum after being rejected around the 1.1700 area. Price has now moved back below the recent high, indicating that short-term corrective pressure is taking control.
If the 1.1670 area cannot be reclaimed, EURUSD could continue lower toward 1.1600, which is acting as a key support zone and also marks the previous breakout area.
The broader trend has not shifted bearish, so I view this move as a pullback within the bullish structure, with 1.1600 as the main correction target.a
Main Trend: Bullish | Short-term Bias: Bearish Pullback | Target: 1.1600
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