The EURUSD pair appears to still be caught in a robust bearish trend, with selling pressure continuing to dominate price movements. The descending trend line on the hourly chart indicates a clear direction, complemented by the consistent formation of lower highs. This technical structure suggests that market sentiment remains in favor of sellers, diminishing the chances of a trend reversal in the near term. Furthermore, the Zigzag indicator reinforces the bearish outlook with a steady decline pattern, reflecting ongoing weakness in this currency pair.
From a momentum standpoint, the Moving Average (MA) indicator pointing sharply downward further emphasizes strong selling pressure. This situation indicates that any attempts at a rebound are likely to be limited and could present an opportunity to continue the downtrend. Given the alignment of these technical signals, there is still potential for EURUSD to continue decreasing tonight, with a target aimed at testing the nearest support area if selling pressure maintains its dominance in the market.
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On the 15-minute time frame, a clear bearish channel has formed, reinforcing the theory that selling pressure is still predominant in EURUSD during the US session tonight. The declining direction of the Moving Average (MA) indicates a consistent selling momentum, while the MACD in the negative zone also strengthens the bearish signals. This combination of technical structures highlights the potential for further declines, with EURUSD likely aiming to test the support area at 1.16155.
Technical Reference: Sell while below 1.17135
Potential Stop Loss 1: 1.16955
Potential Stop Loss 2: 1.17135
Potential Take Profit 1: 1.16335
Potential Take Profit 2: 1.16155
