During the previous trading session, EURUSD demonstrated downward dynamics. On a longer time-frame, the upward trend still prevails.
The support and resistance levels:
The nearest support is set at the 1.16762 mark.
The Penetrating Line pattern formed this level. The pattern consists of two candles: the first one has a long black body, the second one has a white body. The second candle opens with a gap down and closes above the middle of the first candle’s body.
The nearest resistance is set at the 1.17964 mark.
The pattern formed here is Three Outside Bars Down. This pattern is a combination of three Japanese candlesticks. The first candlestick has a short white real body, the second candlestick has a long black real body and completely engulfs the first candlestick, and the third candlestick is also black, closing below the second candlestick.
Trading recommendations:
The latest signal prioritizes short positions intraday.
EURUSD H1: The Price Action Forecast for the American Session on 7.5.2026
