Headline: EUR/USD Slides to Key Support as Sellers Test the Floor
Introduction: The euro-dollar pair fell sharply in early U.S. trading after a failed push into resistance, pushing the price action back toward a pivotal support band. Attention now turns to whether buyers can hold the line or if bears will force a deeper pullback.
EUR/USD has slipped beneath the 38.2% Fibonacci retracement of the mid-October advance at 1.1567, steering the pair into a well-watched swing zone around 1.15414–1.1546. This area has repeatedly flipped between support and resistance in recent weeks—acting as a floor in October, a cap in early November, and a base again after the November 7 breakout. The last successful defense of this region on November 11 preceded the climb to last week’s high near 1.1651, underscoring its technical importance for short-term trend direction.
From here, the reaction at 1.15414–1.1546 is likely to set the tone. If buyers stabilize price and reclaim 1.1567, it would strengthen the case for a near-term base and keep the broader rebound narrative intact. A decisive break and hold below the support band, however, would tilt momentum further bearish and could trigger follow-through selling as stops are cleared and intraday trend followers press the downside.
Key Points: – EUR/USD drops back to a critical support band at 1.15414–1.1546 after a failed test of resistance. – Price fell below the 38.2% retracement of the mid-October rally at 1.1567, signaling fading upside momentum. – The 1.154 area has alternated as floor/ceiling in recent weeks and launched the move to last week’s 1.1651 high. – A recovery above 1.1567 would suggest a short-term bottoming attempt. – A clean break beneath 1.15414–1.1546 would reinforce the bearish bias and risk an accelerated decline.
