EURUSD’s modest rebound in early North American trading has failed, with the pair resuming its downward trend and falling to new session lows. Price has now entered a key support zone between 1.1614 and 1.1631, an area defined by prior swing levels.On the hourly chart, last week’s rally stalled near the 1.1787 resistance, aligning with swing highs from July 3, 4, and 5. In today’s session, the rally failed just below that, at 1.1769, reinforcing the top-end resistance and triggering the downside move.Momentum accelerated after breaking below the 50% midpoint of July’s range (1.1693) and the 200-hour moving average (1.1687)—a double technical break that added to bearish conviction.The downside move has now met its next key support zone between 1.1614 and 1.1631. While this area may attract dip buyers, the broader price action remains trend-like with little evidence of a meaningful bullish shift.On the 5-minute chart, intraday traders should watch 1.1664—the early US session corrective high—as the first resistance hurdle. A break and hold above that would be a minor win for short-term buyers. Above that, the falling 100-bar moving average (currently at 1.1675) marks a stronger resistance level. If the buyers are to take more control from the sellers in this trend move lower today, they need to get the price above these levels at the minimum. Absent that, and the trend move lower is still in play and those levels on the hourly chart down to 1.1614 is in jeopardy of being broken. This article was written by Greg Michalowski at investinglive.com.