The EURUSD pair is experiencing increased selling pressure after breaching a crucial support level, indicating a potential continuation of the downward trend. The Moving Average Convergence Divergence (MACD) indicator exhibits bearish signals, as the MACD line falls below the signal line, reflecting a rise in selling momentum.
Furthermore, the price’s breach of the lower boundary of the Bollinger Bands reinforces the notion that bearish pressure remains dominant. Should the decline persist, EUR/USD is likely to continue weakening.
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On the 15-minute timeframe, EURUSD displays potential for continued weakness as the Moving Average (MA) indicator suggests a bearish trend, while the Stochastic Oscillator descends from overbought territory, indicating increasing selling pressure. This situation implies that the previous rally is starting to lose momentum, creating opportunities for EURUSD to decline further. If selling pressure persists, EURUSD may test the support level at 1.03410.
Technical Reference: sell while below 1.04170
Potential Stop Loss 1: 1.04020
Potential Stop Loss 2: 1.04170
Potential Take Profit 1: 1.03540
Potential Take Profit 2: 1.03410
