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Published: 20 July 2026,06:35
Chart The Market
EURUSD, H4:
EUR/USD continues to trade below its long-term descending trendline, indicating that the broader bearish trend remains intact. However, recent price action has become increasingly constructive, with the pair forming a series of higher lows, suggesting that buying pressure is gradually building and a potential bullish reversal may be developing.
The formation of higher lows reflects improving market sentiment and indicates that buyers are becoming more willing to step in on pullbacks. Nevertheless, this alone is insufficient to confirm a trend reversal while the pair remains capped beneath its long-term trendline resistance.
The descending trendline remains the key technical level to watch. A decisive break above this resistance would constitute a structural breakout, confirming that buyers have regained control and signaling a reliable bullish trend reversal. Such a move would invalidate the prevailing bearish structure and could pave the way for a broader recovery.
Conversely, if EUR/USD once again fails to overcome the long-term trendline, the recent series of higher lows may simply represent a corrective rebound within the broader downtrend. In this scenario, selling pressure could re-emerge, keeping the long-term bearish outlook intact.
Resistance Levels: 1.1640, 1.1810
Support Levels: 1.1265, 1.1100
USDJPY, H4
USD/JPY is currently trading within an ascending triangle formation while hovering near its all-time high around 162.50. This chart pattern is generally regarded as a bullish continuation pattern, suggesting that buying pressure remains dominant as the pair consolidates beneath a key resistance level.
The 162.50 resistance now represents the primary level to watch. A decisive breakout above this level would confirm the ascending triangle pattern and generate a strong bullish signal, indicating that buyers have regained momentum. Under this scenario, the next upside target is projected around 163.50, where the pair could establish a fresh record high.
Despite the constructive technical setup, the ascending triangle also highlights the importance of the lower trendline support. The immediate support level at 162.20 serves as a critical pivot for the near-term outlook. As long as USD/JPY remains above this level, the bullish structure is expected to stay intact.
However, if the pair fails to hold above 162.20 and breaks below the lower boundary of the ascending triangle, it would invalidate the bullish continuation pattern and signal a potential bearish reversal. Such a move would suggest that buying momentum has weakened, increasing the risk of a deeper corrective decline.
Resistance Levels: 163.50, 164.45
Support Levels:161.60, 160.85
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