EUR/USD price drops toward $1.17 as selling accelerates below key support zone
EUR/USD trades under pressure near 1.1729 as price breaks from rising structure
EUR/USD is trading near 1.1729 on July 7 after breaking below a multi-session consolidation base. A sharp rejection from the 1.1790–1.1800 region earlier this week has triggered bearish continuation, pushing the pair toward a critical demand zone around 1.1710.
Highlights
- EUR/USD trades at 1.1729 after breaking below 1.1760 support- 4-hour and 30-minute charts show increased selling pressure and rising downside momentum- Support zone at 1.1710–1.1700 remains crucial for bulls to hold trend structure
With downside momentum strengthening on both intraday and higher timeframes, traders are watching closely for either a technical reaction or further breakdown.
Short-term charts flash bearish signals
On the 30-minute and 4-hour charts, EUR/USD has dropped decisively below the 1.1760 pivot, confirming a shift in short-term sentiment. RSI fell into oversold territory near 29, while MACD histogram bars deepened in red. Price also broke beneath a rising trendline from late June, exposing 1.1715–1.1725 as the next area of support. A close below this zone would likely open the path toward 1.1650, where the 100 EMA and historical demand intersect.
EUR/USD price dynamics (Source: TradingView)
Bollinger Bands show price pressing against the lower band, and EUR/USD has slipped under the 20-EMA and is now testing the 50-EMA at 1.1727. The next level to monitor is the 100-EMA near 1.1654, should bearish pressure continue.
Daily structure enters key pivot zone
On the daily timeframe, the reversal from 1.1840 has shifted price back into the former breakout zone at 1.1710. This level previously acted as resistance and now serves as potential support. If price fails to hold this region, downside risks could extend to the 1.1600–1.1620 confluence area, which contains both the ascending trendline from March and a major bullish order block. A rejection bounce from this zone could revive a move back toward 1.1760–1.1780.
In earlier coverage, we highlighted the consolidation zone between 1.1745 and 1.1830 as critical for trend continuation. That support has now been breached, with EUR/USD slipping into lower territory. As momentum accelerates to the downside, attention now turns to whether bulls can defend 1.1710 or risk deeper retracement.
