The level around 1.16130 is currently key because it represents the upper boundary of the current bearish channel and the zone where short-term momentum is decided. This level acts as the upper boundary of the downtrend. As long as price remains below it, bears have full control of the market, and any move upward is merely an opportunity for Smart Money to enter better short positions. {image}
done.
Price is at the lower boundary of the H1 descending channel (~1.1520).
This is a typical place where the market decides between two scenarios.
Scenario 1 – bounce from the channel (probable short-term pullback)
If the lower line holds:
the first target is a return to the middle of the channel then a test of the upper part of the structureTargets:
1.1575 – first intraday resistance
1.1605 – strong H1 S/R
1.1645 – upper part of the structureScenario 2 – channel break (bearish continuation)
If an H1 candle closes below 1.1520:
the channel breaks down a fast impulse often followsTargets:
1.1500 – liquidity 1.1480 – bottom of the larger channel 1.1450 – H4 demand zone
Trendlines H1,H4, SMC
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