The EURUSD currency pair is exhibiting increasingly strong bearish trends according to technical indicators. The Moving Average (MA) is positioned above the price movements, acting as a dynamic resistance that is hindering any potential upward movement. The price structure is forming a pattern of lower highs and lower lows, indicating a dominant selling pressure. If this trend persists, the potential for further weakening is evident, with prices likely to continue their downward trajectory.
Moreover, the MACD has confirmed bearish signals as the histogram trends negatively, and the MACD line has crossed below the signal line. The momentum of selling is on the rise, further showcasing the ongoing strength of bearish pressure. As long as technical indicators do not indicate a significant directional change, EURUSD remains locked in a weakening scenario.
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On the 15-minute timeframe, the declining trend of EURUSD becomes increasingly apparent with the formation of lower highs and lower lows that signify a strong bearish trend. The price is currently trading below the 24 MA, which serves as a dynamic resistance, reinforcing the signals for further weakening. Should the selling pressure continue, EURUSD could potentially plunge deeper towards the support level of 1.04000.
Technical Reference: sell while below 1.04600
Potential Stop Loss 1: 1.04500
Potential Stop Loss 2: 1.04600
Potential Take Profit 1: 1.04115
Potential Take Profit 2: 1.04000
