EURUSD Breaks Down: Sellers ReturnEUR/USDOANDA:EURUSDParadise_NoirEURUSD is showing signs of short-term weakness after failing to hold the high price range around 1.1780 – 1.1800. On the 2H timeframe, the price was rejected at the upper resistance zone and is currently trading below the EMA 34 and EMA 89. This indicates weakening buying pressure, while sellers are beginning to control the short-term movement. Notably, after the sharp decline, EURUSD is only recovering slightly around the 1.1710 – 1.1730 region, but the price structure still doesn't show a clear reversal signal. The 1.1740 area is the nearest resistance, coinciding with the EMA area and the previously broken low. If the price recovers to this area but is again rejected, I assess a high probability that EURUSD will continue to fall to the 1.1670 region. In terms of news, the USD is receiving relatively good support after both US CPI and PPI data were better than expected. This has led the market to reduce expectations of an early Fed interest rate cut, and even begin to reassess the likelihood of the Fed maintaining a more hawkish monetary policy for longer. This is directly putting pressure on EURUSD. Conversely, expectations that the ECB may raise interest rates are still helping to prevent a sharp sell-off in the EUR. However, in the short term, support from the ECB is not enough to reverse the trend as the USD continues to benefit from high US yields and defensive market sentiment. Personal view: EURUSD still leans towards a slight downtrend in the short term. I will prioritize observing price reaction around the 1.1730 – 1.1740 area. If a rejection signal appears here, a more plausible scenario is for the price to continue weakening towards 1.1670. As long as EURUSD remains below 1.1740 – 1.1760, sellers still have the short-term advantage. Only if the price clearly breaks back above this area should the bearish scenario be reconsidered.