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2025-10-31 19:09:55
[EUR/USD Technical Analysis] Observing the 30-minute candlestick chart, the EUR/USD pair quickly entered a downtrend after forming a temporary high at 1.1665, accompanied by a series of long-bodied bearish candlesticks. Subsequently, a lower shadow appeared near 1.1577, indicating that buying pressure was beginning to emerge. The pair then rebounded briefly but encountered strong resistance near 1.1600, suggesting that 1.1600 has become a key short-term resistance level and a "threshold" that bulls must overcome to recover. After failing to break through effectively, the price retested the lows, reaching 1.1546, before finding support above 1.1554 and gradually entering a horizontal channel consolidation between 1.1560 and 1.1580. The MACD indicator (26,12,9) shows that DIFF is -0.0002 and DEA is -0.0003, still below the zero axis, but the two lines are beginning to converge. The MACD histogram has gradually turned from the previous green negative bars to slightly red bars, reflecting the weakening of the bearish momentum and the possible momentum replenishment. This is a typical "slowing down" signal. The Relative Strength Index (RSI) (14) is around 48.4785. It is in the oversold zone below 50 but significantly above 30, which is a neutral to slightly weak state. This indicates that the current situation is not a panic sell-off, but rather a slow war of attrition where the bears control the pace at low levels and force the bulls to give up their rebound chips. In summary, the 1.1546-1.1554 area forms the recent static support zone, and 1.1600 is the static resistance line above. As long as there is no volume breakout above 1.1600, the trend is still defined as a consolidation market dominated by downward pressure, rather than a complete reversal.
