Bearish Channel and MA and MACD Signals: Is EURUSD Set for Further Declines?

The EURUSD currency pair is exhibiting signs of weakness, remaining entrenched within a bearish channel, which strongly indicates that selling pressure is still prevalent. The combination of technical indicators, such as the downward-moving Moving Average (MA) and confirmation from the MACD displaying a bearish signal, reinforces the likelihood of a continued downward trend.

From a technical analysis perspective, a bearish channel suggests that prices are expected to fluctuate within a declining trend range. The MACD indicator, showing a negative histogram and the signal line positioned below the zero level, further accentuates the bearish momentum.

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In alignment with the hourly chart analysis above, on the 15-minute chart, EURUSD also presents bearish opportunities as the CCI indicator is in the extreme bearish territory. This could push the EURUSD down toward the support level at 1.03675.

Technical Reference: Sell when below 1.04335
Potential Stop Loss 1: 1.04215
Potential Stop Loss 2: 1.04335
Potential Take Profit 1: 1.03780
Potential Take Profit 2: 1.03675