The EURUSD currency pair may encounter selling pressure as a divergence signal reveals a weakening momentum. This divergence occurs when prices establish higher highs while momentum indicators like MACD form lower highs.
Such a pattern often serves as an early warning for a potential reversal or price correction. Additionally, the price’s movement below the 24-period Moving Average (MA) further confirms that a bearish trend could take precedence in the near term for EURUSD.
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The EURUSD pair is likely to weaken further as a bearish channel has formed on the 15-minute timeframe, indicating a short-term downward trend. Selling pressure has intensified alongside a sharp decline in the 24-period Moving Average (MA), illustrating sellers’ dominance in the market. If this selling pressure continues, EURUSD may test the nearest support level at 1.08400.
Technical Reference: sell below 1.09200
Potential Stop Loss 1: 1.09090
Potential Stop Loss 2: 1.09200
Potential Take Profit 1: 1.08530
Potential Take Profit 2: 1.08400
