EUR/USD Technical Analysis: Bearish Rejection at Channel ResistaEuro/US DollarFX:EURUSDLeoGoldFXThis 2-hour chart for the EUR/USD currency pair highlights a prevailing bearish market structure. The price action is contained within a large descending channel, with multiple internal patterns suggesting that sellers remain in control as the price nears a key resistance zone. Key Technical Observations The chart identifies a series of consolidations and trend continuations that define the current downward trajectory: • Bearish Channel: The primary trend is a broad descending channel. The price has recently bounced off the lower support and is now testing the upper resistance boundary. • Triangle Patterns & Range: Throughout February, the pair has formed several "Triangle patterns" and a brief "Range" consolidation. These typically represent pauses in the trend before the next leg down. • Downward Channel (Internal): A steeper, secondary descending channel is visible between the 18th and 22nd, showing a sharp acceleration in selling pressure. • Double Top Rejection: At the far right (near February 24), the price is forming a potential Double Top at a horizontal resistance level near 1.1850. This pattern, combined with the primary channel resistance, suggests a strong rejection of higher prices. Outlook and Targets The projected movement (indicated by the black curved arrows) suggests a continuation of the bearish trend: 1. Resistance Test: The pair is currently struggling to break above the 1.1850 zone, which aligns with the channel's upper trendline. 2. Bearish Reversal: A successful rejection here would confirm the Double Top, leading to a new wave of selling. 3. Primary Target: The immediate downside target is the 1.1780 support level, with a longer-term possibility of re-testing the bottom of the main Bearish Channel near 1.1750.