The EURUSD chart on a 1-hour timeframe indicates increasing selling pressure following the price’s successful breach of the Bollinger Bands (BB) support area. This break below serves as an early indication that buyers are starting to lose control, while sellers continue to dominate the market. The bearish conditions are further reinforced by the downward movement of the Moving Average (MA), which adds additional momentum for prices to move lower shortly. This situation opens up the possibility for EURUSD to continue its decline and test lower support levels during tonight’s session.
Moreover, the MACD indicator residing in negative territory further emphasizes the sellers’ dominance. As long as the price remains below the breached support level, the technical bias will continue to lean towards bearish. With this combination of technical signals, the short-term potential for a rebound appears relatively limited, while the risk of further corrections remains quite open. Thus, the outlook for EURUSD in the short term remains vulnerable to downward pressure, especially in the absence of new fundamental sentiments that could halt further declines.
Recommended
Recommended
Recommended
Recommended
On the 15-minute chart, EURUSD shows signs of weakening, with the MA trending downwards and the MACD positioned in negative territory, indicating that sellers remain strong. This condition opens the door for continued selling pressure, with the currency pair likely to test a key support level at 1.17000 in the near term.
Technical Reference: sell while below 1.17755
Potential Stop Loss 1: 1.17655
Potential Stop Loss 2: 1.17755
Potential Take Profit 1: 1.17115
Potential Take Profit 2: 1.17000
