Bearish Outlook for EURUSD Continues: Bearish Channel and MA Indicators as Triggers

The EURUSD currency pair is exhibiting signs of a potential decline as it establishes a bearish channel, suggesting further selling pressure. Additionally, the Moving Average (MA) and MACD indicators reinforce this bearish sentiment, indicating a prolonged decrease in price.

Given these technical conditions, it is highly probable that EURUSD will continue its downward trajectory, presenting an opportunity for traders to consider entering short positions in the near future.

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Aligned with the analysis from the one-hour chart above, the 15-minute chart for EURUSD also reveals bearish prospects as the MA indicator shows a significant downward slope and the CCI is in an overbought state. This scenario opens the possibility for EURUSD to move down towards a support level of 1.03600.

Technical Reference: sell while below 1.04320
Potential Stop Loss 1: 1.04185
Potential Stop Loss 2: 1.04320
Potential Take Profit 1: 1.03715
Potential Take Profit 2: 1.03600