Bearish Signals Emerge for EURUSD: A Downward Channel and Moving Average Indicators Point to Decline

The EURUSD pair is displaying signs of potential decline, characterized by the formation of a downward channel that suggests increasing sell pressure. In conjunction, the Moving Average (MA) and MACD indicators reinforce the bearish signals, indicating further price weakness.

Given this technical backdrop, there is a significant likelihood that EURUSD will continue its downward trajectory, presenting an opportunity for traders to consider short positions in the near term.

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Reflecting on the one-hour chart analysis, the 15-minute chart also indicates a bearish opportunity as the MA indicators show a pronounced downward trend while the CCI is in an overbought condition. This scenario suggests that EURUSD could decline further towards the support level of 1.03715.

Technical Reference: Sell while below 1.04425
Potential Stop Loss 1: 1.04320
Potential Stop Loss 2: 1.04450
Potential Take Profit 1: 1.03815
Potential Take Profit 2: 1.03715