EURUSD continues to experience strong selling pressure, with the price consistently moving within a bearish channel. The market structure indicates a clear dominance of sellers, where every attempt at a rebound only results in new lower highs without breaking through the dynamics resistance. The ongoing formation of lower highs and lower lows reinforces the notion that the short-term trend remains firmly under the control of sellers. This situation suggests that downward pressure is likely to persist, fueled by weakening sentiment towards the euro in the global market.
From a technical standpoint, the Moving Average (MA) and ZigZag indicators show alignment with the prevailing bearish trend. Both indicators affirm the possibility of continued declines as prices still hover below key averages, showing no significant signs of reversal. Until prices manage to exit the downward channel and breach critical resistance areas, the bearish scenario is expected to remain predominant, with a likelihood of further declines towards lower support zones.
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EURUSD signals new weaknesses as the Moving Average (MA) indicator begins to trend downward, signifying an increase in selling pressure. The bearish momentum is further reinforced by the MACD indicator, which is operating in negative territory, reflecting strong seller control in the short term. With this generally weak technical condition, the EURUSD pair is poised to continue its decline, testing crucial support levels around 1.15845.
Technical Reference: sell when below 1.16750
Potential Stop Loss 1: 1.16565
Potential Stop Loss 2: 1.16750
Potential Take Profit 1: 1.15980
Potential Take Profit 2: 1.15840
