The EURUSD pair continues to exhibit significant selling pressure after the price broke through the low of the descending triangle pattern on the 1-hour time frame. This pattern indicates the potential continuation of a strengthening bearish trend, especially as the Zigzag indicator maintains a downward pattern with a sequence of lower highs and lower lows. The prevailing selling pressure suggests that market sentiment presently leans towards a weakening Euro, amid a shift of investor interest towards safer assets.
In addition, technical signals reinforce the bearish outlook for EURUSD. The MACD indicator, positioned in the negative territory, further validates that the downward momentum remains strong, thus increasing the likelihood of further declines. If selling pressure persists, EURUSD is likely to test the next support level, whilst any price recovery appears limited as long as this bearish structure is maintained. Consequently, the short-term outlook for this currency pair remains negative, with the potential for deeper declines in the Euro.
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A prevailing bearish trendline established on the 15-minute time frame illustrates the intensifying dominance of seller activity, further supported by the Moving Average still trending downwards. The Zigzag pattern also indicates a bearish tendency, with repeated selling pressures attempting to breach significant intraday support levels. Given this combination of technical signals, EURUSD is well-positioned to continue its decline and is poised to test the vital support area at 1.15425.
Technical References: sell while below 1.16385
Potential Stop Loss 1: 1.16215
Potential Stop Loss 2: 1.16385
Potential Take Profit 1: 1.15580
Potential Take Profit 2: 1.15425
