EUR/USD is currently trading at 1.1198 on the 2-hour chart, and what is capturing my attention is price is trading firmly below both the moving averages, and the descending trend line. The recent bounce was unable to take out 1.1212, keeping the larger bearish structure in place and keeping control with sellers.

The first area of support I am looking at is 1.1161. If price were to break 1.1161, 1.1115 would be the next area of support, followed by 1.1063. The first area of resistance is located at 1.1212, followed by 1.1272 and then 1.1334 if buyers are able to initiate a larger move to the upside.

RSI is still below the midline, indicating that the larger time frame trend remains bearish. I would agree with the bearish bias as long as 1.1212 and the descending trend line continue to provide resistance. A break above 1.1272 would be bullish, and a break below 1.1161 would confirm 1.1115 as the next area of support.