The EURUSD currency pair continues to face selling pressure as the bearish trend persists in the 1-hour timeframe. The price structure has formed a pattern of lower highs and lower lows, reinforcing the sellers’ dominance, which indicates that further weakening is still a possibility. The zigzag indicator also provides additional confirmation that the downward movement remains the primary scenario for this currency pair.
Moreover, the downward sloping Moving Average (MA) reflects a consistent bearish trend, while the CCI approaching the overbought territory strengthens the signal of a potential continuation of the decline. With this technical combination, the EURUSD is expected to remain vulnerable to further weakening in the near term, particularly if it fails to break through the nearest resistance level to reverse the trend.
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The EURUSD has experienced further pressure after breaking below the bearish channel on the 15-minute timeframe, signaling continued weakness. The direction of the trend is also supported by the declining Moving Average (MA), which showcases seller dominance in the short term. Meanwhile, the MACD indicator moving into negative territory reinforces the prospect of further decline, opening up the possibility for EURUSD to test the critical support level at 1.16870 in the upcoming trading session.
Technical Reference: Sell below 1.17625
Potential Stop Loss 1: 1.17500
Potential Stop Loss 2: 1.17625
Potential Take Profit 1: 1.17010
Potential Take Profit 2: 1.16865
