EURUSD has tested a key horizontal resistance zone multiple times this week, failing to break through, signaling strong selling pressure. The repeated rejections indicate a potential shift in momentum, setting up for a corrective ABC structure. If sellers take control, a break below the recent intraday support could trigger the A-leg of the correction, followed by a B-leg pullback before extending lower toward key demand zones. Confluence with bearish candlestick formations and momentum indicators like RSI divergence further strengthens the bearish outlook. A confirmed breakdown could open the door for deeper retracements, aligning with broader market sentiment.
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