The EURUSD currency pair is facing increasing sell pressure during the trading session on Thursday (January 16, 2025), with a clearly visible bearish channel dominating price movements. Technical indicators such as the Moving Average (MA) and the MACD are providing strong confirmation of this downward trend.
On the 1-hour chart, EURUSD is trading below the 24-period MA, indicating a prevailing bearish sentiment. The MACD indicator also reinforces this direction with a declining histogram and the MACD line positioned below its signal line. The combination of these signals suggests potential for further declines.
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In alignment with the analysis of the 1-hour chart, the 15-minute chart also reflects bearish opportunities as the price has successfully breached a bullish channel, indicating a continuation of the downward movement. Additionally, the OsMA is currently in the negative zone, further adding to the bearish signal. This scenario is likely to exert downward pressure on EURUSD towards the support level at 1.02415.
Technical Reference: sell while below 1.03395
Potential Stop Loss 1: 1.03200
Potential Stop Loss 2: 1.03395
Potential Take Profit 1: 1.02600
Potential Take Profit 2: 1.02415
