The EURUSD pair is currently experiencing intensified bearish pressure on the 1-hour time frame, particularly after successfully breaking through the previous bullish channel that had guided its upward movement. This breakout signifies a critical shift in market structure from a prevailing uptrend to a weakened state, characterized by a consistent formation of Lower Highs (LH) and Lower Lows (LL). This transition indicates a loss of buying momentum as sellers begin to gradually dominate the overall price movement.
The downward pressure is further reinforced as all technical indicators are consistently signaling a bearish outlook. The downward trajectory of the Moving Average indicates a fading buying power, while a zigzag pattern aligns with a stable downtrend. Additionally, the MACD remaining in the negative territory supports the prevailing weakness. This combination of technical signals not only confirms the ongoing bearish trend but also opens the possibility of further declines unless a fresh positive sentiment emerges to counteract the selling pressure.
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Moreover, the EURUSD is persistently moving within a bearish channel, underscoring the strong control of sellers and the stability of the downtrend structure. Although a limited pullback occurred, the CCI indicator, which entered the overbought territory, suggests that the potential for continued weakening is still present. Given these aligned technical conditions, it is anticipated that the EURUSD might fall further and retest the significant support level at 1.15120.
Technical Reference: sell below 1.15725
Potential Stop Loss 1: 1.15625
Potential Stop Loss 2: 1.15725
Potential Take Profit 1: 1.15220
Potential Take Profit 2: 1.15120
