EURUSD: Falling Wedge Nearing TerminusEuro / U.S. DollarFOREXCOM:EURUSDFOREXcomEURUSD is in a cooling phase after the sharp February surge, with price now compressing beneath a clear descending trendline drawn from the recent peak. The structure resembles a bearish consolidation / descending channel following an impulsive move, where lower highs are gradually pressing into a relatively flat base around the mid-1.17s. A key detail on this chart is how price is interacting with Fibonacci retracement levels from the spike: The 61.8% retracement (~1.1771) is sitting almost exactly where current price is trading, making this a meaningful “decision” zone. The next deeper level, the 78.6% retracement (~1.1686), aligns closely with the area above the longer-term trend support, acting as a logical reference for where demand previously reappeared. Moving averages add context to this consolidation: The SMA(50) (~1.1774) is essentially being tested from both sides, reinforcing this area as a pivot rather than clean support or resistance right now. The SMA(200) (~1.1654) remains below and continues to slope upward, suggesting the broader backdrop is still constructive, even if the near-term price action is corrective. Momentum is more neutral-to-soft: RSI (14) ~46 is below the 50 midline, reflecting reduced bullish momentum versus the prior impulse and supporting the idea of consolidation rather than immediate continuation. MACD has faded back toward the zero line, consistent with trend digestion after a fast move, and highlighting that momentum is no longer expanding. Levels that stand out visually: 1.2000 remains the obvious overhead reference (prior psychological/structural supply zone). The descending trendline is the immediate “cap,” and repeated failures into it would keep the short-term tone cautious. The 1.1770–1.1750 area (61.8% + SMA50 vicinity) is the near-term pivot, while the 1.1680s (78.6% zone) is the next notable downside reference. Overall read: neutral-to-slightly bearish short-term while price remains pinned under the descending trendline, but with the bigger picture still supported as long as the market continues holding above the rising longer-term structure and the 200-day average. -MW