EURUSD Rejection at 1.1700 Signalling Bearish ContinuationEUR/USDOANDA:EURUSDLumibanksBased on the EUR/USD daily (1D) chart, I'm selling at the current market level (1.1600). This is technically justified by several key price action confluence factors: 1. Lower High Rejection at Major Resistance * Price recently tested the horizontal resistance area around 1.1700. This zone held as strong resistance, resulting in a sharp bearish reaction. * Compared to the previous major high near 1.1800–1.2000, price formed a macro Lower High, signaling that overall bullish momentum has stalled and sellers remain in control at key supply levels. 2. Bearish Reaction off Resistance & Breakdown of Intermediate Support * The current daily candle is breaking down through the 1.1600 horizontal level (highlighted by my purple horizontal support line). * Reclaiming this level below 1.1600 indicates that buyers failed to defend the local support, confirming bearish continuation toward lower structural targets. 3. Clear Risk-to-Reward Setup * Entry Level: ~1.1600 (Current price zone). * Stop Loss (Red Zone): Placed safely above the local high/resistance near 1.1700. This invalidates the trade if price breaks back above the supply zone. * Take Profit (Green Zone / Targets): * TP 1: 1.1100 (Psychological support and prior swing area). * TP 2 (Final Target): 1.0800 (Major retracement level on the chart). Summary: The sell trade aligns with a trend continuation setup following a sweep/rejection of resistance at 1.1700. As long as price remains capped under 1.1650, the path of least resistance favours downside movement toward 1.1100 and eventually 1.0800. Like, share and follow for more technical analysis posts