EUR/USD: Is a 17-Year Bearish Structure Finally Under Threat?EUR/USDOANDA:EURUSDDukesMarketAnalysisLong-Term Structure Remains Bearish EUR/USD has remained in a long-term bearish structure since its 2008 all-time high, continuing to produce a broad series of lower highs and lower lows. Despite the recent recovery, that structure has yet to be broken. $1.2349 Is the Level That Matters The 2021 swing high at $1.2349 remains the major structural level for bulls to overcome. A break above would mark the euro's first significant bullish change of character since its July 2008 all-time high. Could Another Lower High Be Forming? Until $1.2349 is broken, the latest recovery still carries the risk of developing into another long-term lower high. That would preserve the bearish structure that has dominated EUR/USD for almost two decades. Some Encouraging Signs for Bulls Price is currently holding above the flattening 200-Week EMA, while monthly RSI remains above 50. These are constructive signs, although neither is enough on its own to confirm a major structural reversal. Momentum Has Cooled Considerably Monthly StochRSI has fallen into oversold territory following the latest pullback. This could provide scope for another attempt higher, but price structure remains far more important on such a long-term chart. In Summary EUR/USD is beginning to challenge a bearish structure that has remained intact since its 2008 all-time high, but bulls still have work to do. The crucial level remains the 2021 high at $1.2349, with a break above marking the first major bullish change of character in almost two decades. Price above the flattening 200-Week EMA and RSI above 50 are encouraging, but until $1.2349 falls, another long-term lower high remains possible.