A bearish divergence has emerged between the price and volume indicator on the EURUSD chart, suggesting the potential for further weakening. While the price remains elevated, the volume is actually showing a decline, indicating that buying pressure is beginning to fade.
Moreover, the Moving Average (MA) has confirmed a bearish signal, as the price continues to trade below the MA line, reinforcing the likelihood of a downward trend. Should selling pressure persist, EURUSD may test the nearest support level, which could serve as a critical point for future movement.
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EURUSD has broken through the lower boundary of a bullish channel, indicating a potential trend reversal towards a bearish phase. The selling pressure has intensified as the price struggled to maintain upward momentum, while the Moving Average (MA) has started to turn downward, confirming the bearish outlook. If the selling pressure continues and the price remains below the breakdown area, EURUSD may have the opportunity to decline further towards the support level of 1.07760.
Technical Reference: sell if below 1.09060
Potential Stop Loss 1: 1.08850
Potential Stop Loss 2: 1.09060
Potential Take Profit 1: 1.07975
Potential Take Profit 2: 1.07760
