The EURUSD pair is once again under pressure as a bearish pattern becomes increasingly apparent on the one-hour chart. The price structure, characterized by a series of lower highs (LH) and lower lows (LL), continues to dominate the movement, indicating that sellers still control the market. This is corroborated by technical indicators, with Bollinger Bands trending downward, exhibiting widening that typically signals a continuation of the bearish trend.
Furthermore, the MACD residing in negative territory reinforces the bearish bias for EURUSD. Given the combination of price patterns and consistently pressing indicators, this currency pair is likely to persist in its decline over the short term. Unless there are new positive catalysts from the Eurozone, selling pressure is expected to continue into the afternoon, aiming for a drop towards the nearest support level.
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On the 15-minute chart, EURUSD shows signs of weakness with moving averages trending downward and the MACD still in the negative zone, indicating a strong dominance of sellers. This situation opens the door for continued selling pressure, with the currency pair potentially testing a significant support level at 1.16360 in the near term.
Technical Reference: sell below 1.17165
Potential Stop Loss 1: 1.17030
Potential Stop Loss 2: 1.17165
Potential Take Profit 1: 1.16485
Potential Take Profit 2: 1.16360
