The EURUSD pair is poised to continue its bearish trend, following the establishment of a bearish channel that indicates selling pressure within this currency pair. Both the Moving Average (MA) and the MACD indicators are emitting bearish signals, with the MA trending downward and the MACD reflecting negative momentum.
Given the signals from these two indicators, there is a risk that EURUSD may experience extended declines. Traders should remain alert to the likelihood of price corrections, particularly if the price persists in moving within the bearish channel and fails to break above significant resistance levels.
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Consistent with the analysis from the one-hour chart above, the 15-minute chart also reveals bearish opportunities for EURUSD as the MA indicators trend downward, suggesting a continuation of the decline. Furthermore, the CCI is currently in the overbought zone, indicating potential reversal points. This scenario could push the EURUSD down towards the support level of 1.02320.
Technical Reference: sell if below 1.03225
Potential Stop Loss 1: 1.03060
Potential Stop Loss 2: 1.03225
Potential Take Profit 1: 1.02500
Potential Take Profit 2: 1.02320
