EURUSD Channel Down Targets 1.1300 Before the Real DecisionEUR/USDOANDA:EURUSDTheCryptagonEUR/USD Tests S1. Is 1.1100 the Next Major Target? EUR/USD has returned to one of the most important support areas visible on the daily chart. Price is testing the highlighted S1 Zone while remaining trapped inside a clearly defined descending channel and below the 1-Day MA200. The immediate setup appears bearish. But the RSI is already approaching oversold territory, creating the possibility of a temporary rebound before the broader decline continues. That makes the current position especially interesting. The chart is not simply pointing toward one downside target. It is showing a potential two-stage move: First, a reaction around 1.1300, close to the rising 1-Week MA100. Then, if that support fails, a deeper continuation toward the 1.1100 S2 Zone. Trend Structure The dominant structure remains bearish. Visible characteristics include: • A clearly defined Channel Down • Repeated lower highs • Price trading beneath the 1-Day MA200 • Failed recovery attempts beneath channel resistance • Current pressure on the S1 support zone The broader trend remains controlled by sellers while EUR/USD stays inside the descending channel. There is no visible breakout or trend reversal yet. Support / Resistance Immediate support: • The highlighted S1 Zone around current price • The zone spans the visible area around approximately 1.1420–1.1490 Price is currently testing this region. Next support: • 1.1300 • 1-Week MA100 near 1.12797 This area is the first major downside destination shown on the chart. Major lower support: • 1.1100 • Highlighted S2 Zone This is the deeper bearish target if S1 and the weekly MA100 fail. Resistance: • 1-Day MA200 near 1.16735 • Upper boundary of the descending channel EUR/USD would need to reclaim both before the bearish structure begins to weaken meaningfully. Moving Averages The chart displays three important moving averages: • 1-Day MA200 near 1.16735 • 1-Week MA100 near 1.12797 • 1-Week MA200 near 1.09792 Price is currently below the daily MA200, confirming medium-term weakness. The weekly MA100 is rising beneath price and closely aligns with the projected 1.1300 reaction area. The weekly MA200 remains substantially lower and is not the immediate target, but it provides the next major long-term structural reference beneath the S2 Zone. Indicators Visible RSI(14) is near 32.97, while its signal average is near 40.74. Visible observations: • RSI remains below its signal average • Momentum is clearly bearish • RSI is approaching oversold territory • The market is weak, but not yet visibly below the traditional 30 threshold This leaves room for one more downside push. It also increases the probability of a short-term rebound if price reaches the weekly MA100 region. Chart Pattern The dominant pattern is a: Descending Channel The channel has guided price through: • Lower highs • Lower reaction lows • Repeated rejection beneath resistance • Gradual movement toward deeper support The projected path shown on the chart suggests a possible bounce from approximately 1.1300 before another decline toward 1.1100. That path should be treated as a scenario, not a certainty. Momentum Momentum currently favors sellers. Price is below the daily MA200. RSI is below 40. The current candle is pressing directly into the S1 Zone. However, momentum is also becoming stretched. That creates a potential conflict: The trend remains bearish. But the probability of a temporary relief bounce is increasing. Bullish Scenario For buyers to regain short-term control, EUR/USD would need to: • Defend the S1 Zone • Recover above recent candles • Reclaim the 1-Day MA200 near 1.16735 • Break above descending channel resistance A recovery above the daily MA200 would be the first meaningful sign that the bearish structure is weakening. Until that happens, any rebound remains corrective. Bearish Scenario If the S1 Zone fails decisively, the first major downside target becomes: 1.1300 This level aligns closely with the rising 1-Week MA100 near 1.12797. Because RSI is already weak, this area could generate a temporary bounce. If that rebound fails and the weekly MA100 breaks, the next major visible destination becomes: 1.1100 — S2 Zone That is the primary lower target shown on the chart. Key Conclusion EUR/USD remains technically bearish inside its descending channel. The S1 Zone is the immediate battleground. A breakdown shifts attention toward 1.1300 and the weekly MA100. A failure there would expose the 1.1100 S2 Zone. The only meaningful bullish invalidation would come from reclaiming the daily MA200 and breaking out of the channel. Do you expect EUR/USD to rebound from the weekly MA100 near 1.1300, or will sellers push directly toward the 1.1100 S2 Zone?