The EURUSD currency pair is currently exhibiting signs of weakness as it remains entrenched within a bearish channel. This sustained positioning indicates that selling pressure continues to exert dominance in the market. A combination of technical indicators, notably the downward-sloping Moving Average (MA) and the MACD indicator signaling a bearish trend, reinforces the likelihood of an ongoing decline.
In technical analysis, a bearish channel suggests a pattern where prices are likely to fluctuate within a descending trend. The MACD reading, which shows a negative histogram alongside the signal line dipping below zero, further emphasizes the bearish momentum. Moreover, the current price location under the MA indicates a lack of bullish strength necessary to reverse the current trajectory.
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Aligning with the analysis of the one-hour chart above, the 15-minute chart of EURUSD also presents further bearish opportunities as the MA is sharply trending downward and the CCI indicates oversold conditions. This scenario could lead to a downward movement of EURUSD towards a support level of 1.03790.
Technical Reference: sell when below 1.04425
Potential Stop Loss Level 1: 1.04325
Potential Stop Loss Level 2: 1.04425
Potential Take Profit Level 1: 1.03915
Potential Take Profit Level 2: 1.03795
