The EURUSD currency pair exhibits signs of a potential further decline as the moving average (MA) indicators reveal that prices have dipped below the short-term moving average line, indicating prevailing selling pressure in the market. Additionally, the MACD supports this bearish sentiment, with the MACD line positioned below the signal line and the histogram residing in negative territory.
This dual indication suggests that the downward trend is ongoing, with the possibility of reaching lower support levels soon. If the selling pressure remains strong, EURUSD may face additional declines.
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Alongside the one-hour chart analysis presented above, the 15-minute chart of EURUSD also reflects a bearish outlook as the Commodity Channel Index (CCI) indicates extreme bearish conditions. This could further push EURUSD down towards the support level of 1.03500.
Technical Reference: sell below 1.04460
Potential Stop Loss Level 1: 1.04325
Potential Stop Loss Level 2: 1.04460
Potential Take Profit Level 1: 1.03665
Potential Take Profit Level 2: 1.03500
