The EURUSD movement in tonight’s US trading session remains under significant selling pressure after the price successfully broke below the low of a bullish channel. This breakout serves as an initial signal indicating a trend reversal from bullish to bearish, suggesting that buyer dominance is beginning to weaken while sellers reassert control over the market. The declining price structure indicates that corrective momentum has shifted towards deeper selling pressure, creating opportunities for EURUSD to possibly extend its decline toward the next support level.
From a technical standpoint, the descending ZigZag indicator coupled with the sharply declining Moving Average (MA) provides further confirmation of the ongoing bearish dominance. This combination of signals strengthens the perspective that selling pressure may continue in the near future. As long as prices remain below the breakout area and there are no significant reversal signs, EURUSD has a chance to keep declining towards the nearest support zone during tonight’s trading session.
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The EURUSD is experiencing selling pressure following the formation of a bearish channel on the 15-minute time frame, indicating seller dominance in the short term. The consistently declining Moving Average (MA) reinforces the downward trend, acting as a primary downward force on prices. With strong bearish momentum, this currency pair is likely to continue its downward path to test a significant support level at 1.15265.
Technical Reference: sell while below 1.15910
Potential Stop Loss 1: 1.15795
Potential Stop Loss 2: 1.15910
Potential Take Profit 1: 1.15390
Potential Take Profit 2: 1.15265
