The EURUSD pair continues to experience significant selling pressure on the 1-hour chart, with price structures forming a clear downward pattern. The Lower High and Lower Low patterns evident through the ZigZag indicator indicate a strong seller dominance, while any attempts to bounce back so far have failed to breach key resistance levels. The sharply declining Moving Average (MA) strengthens the short-term bearish trend, signaling that the downward movement remains the primary direction for current price action.
In terms of momentum, the Commodity Channel Index (CCI) is positioned in the overbought area, suggesting the potential for new selling pressure to emerge. This condition signals that possibilities for a downward correction remain substantial, particularly if prices fail to maintain above the minor resistance levels. As long as prices remain below the main MA and the lower structure is preserved, bearish pressure is expected to persist with a potential decline toward the next support level.
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On the 15-minute chart, the EURUSD is still moving within a bearish channel, indicating that the trend towards weakening remains dominant ahead of the US session tonight. Although the MA shows a slight flattening, the price direction has yet to indicate any significant reversal. Ongoing selling pressure demonstrates that sellers continue to dominate the market, with EURUSD likely to further decline and test the support area around 1.14500 in the near future.
Technical Reference: sell while below 1.152225
Potential Stop Loss 1: 1.15075
Potential Stop Loss 2: 1.15225
Potential Take Profit 1: 1.14655
Potential Take Profit 2: 1.14500
