EURUSD H1: The Price Action Forecast for the European Session on 8.1.2026

EURUSD closes the last trading session in the green zone, while the downward price movement vector prevails on the higher time-frame.
The support and resistance levels:
The nearest support level is at the price level of the 1.16587.
This level was formed by the Hammer pattern, also known as the Pin Bar pattern. This pattern is represented with a single Japanese candlestick which is composed of a small real body and a long lower shadow.
The nearest significant resistance level is at the 1.17023 mark.
This level was formed by a Pin Bar pattern. This pattern is presented with a single Japanese candle with a small real body and a long upper shadow. This is one of the key patterns in the Price Action system.
Trading recommendations:
The latest pattern formed on the chart prioritizes short positions. This signal is also proved with the price movement dynamics on the higher time-frame.