EURUSD Rejection From Key Resistance, Target 1.1640Euro vs US DollarTHINKMARKETS:EURUSDLegionQ8Hello traders! Here’s a clear technical breakdown of EURUSD (1H) based on the current chart structure. After a strong bullish impulse earlier, EURUSD transitioned into a corrective phase and started trading inside a well-defined descending channel, indicating controlled bearish pressure rather than an aggressive sell-off. Price respected both the channel resistance and channel support, confirming the validity of this corrective structure. On the left side of the chart, we can see a breakout from a prior consolidation, followed by an impulsive bullish move. This rally eventually stalled and turned around near the upper highs, where selling pressure emerged and pushed price into the descending channel. During this phase, multiple reactions from the channel boundaries showed balanced participation from both buyers and sellers. As price moved lower, it approached the highlighted Seller Zone / Resistance Level around 1.1680. A short-term fake breakout above channel resistance occurred, but buyers failed to hold acceptance above it, signaling that sellers are still active at higher levels. Price then continued lower within the channel. The primary bearish scenario comes into play if EURUSD fails to hold above the 1.1680 Resistance / Seller Zone and shows clear rejection from this area. This zone aligns with the descending channel resistance, making it a high-probability area for sellers to step in. If price retests the 1.1680–1.1700 resistance area and forms bearish rejection signals (long upper wicks, bearish engulfing candles, or failure to hold above channel resistance), it would confirm that the move higher is corrective in nature. In this case, sellers are likely defending the structure and maintaining overall bearish control. Once rejection is confirmed, I expect price to resume its move lower inside the descending channel, targeting the 1.1640 Buyer Zone / Support Level as the first downside objective (TP1). A clean break and acceptance below this support would strengthen bearish momentum and open the path toward lower support levels, extending the correction further. However, if price breaks and holds above the descending channel resistance and the 1.1700 level, the short scenario becomes invalid, signaling a potential trend shift or deeper bullish continuation. For now, the market remains in a corrective bearish structure, and shorts are favored on pullbacks into resistance, as long as price stays below the key resistance zone. Please share this idea with your friends and click Boost 🚀