The EURUSD currency pair is currently experiencing a growing bearish pressure after being rejected from the upper boundary of the Bollinger Bands. When the price touches the upper edge of this indicator, it often signals that the market is in an overbought state, indicating an increased likelihood of a downward correction. This rejection suggests that buying pressure is losing its steam, creating opportunities for the price to weaken in the near term.
Furthermore, additional confirmation can be seen from the Stochastic indicator, which is starting to enter the overbought zone. This indicates that buying momentum has peaked, and the market is likely to face stronger selling pressure.
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The EURUSD shows a significant potential for weakening within the 15-minute timeframe after forming a bearish channel that signifies dominant selling pressure. The Moving Average (MA) trend is sharply downward, further solidifying the indication that the bearish momentum is in effect. This pattern suggests the price may continue to decline towards testing the support level of 1.03525.
Technical Reference: sell while below 1.04040
Possible Stop Loss 1: 1.03945
Possible Stop Loss 2: 1.04040
Possible Take Profit 1: 1.03620
Possible Take Profit 2: 1.03525
