The EURUSD currency pair is experiencing significant bearish pressure, having successfully broken through the psychological support level at 1.02120 and now trading below the 24-period Moving Average (MA). This position suggests that the bearish trend remains strong, reinforcing negative sentiment in the market. Additionally, the MACD indicator is clearly signaling a bearish trend, with the MACD line positioned below the signal line and an increasingly deeper negative histogram.
These technical confirmations provide an opportunity for EURUSD to continue its decline towards the next support level. Traders are advised to monitor these key levels as potential target areas.
Recommended
Recommended
Recommended
Recommended
In alignment with the analysis from the one-hour chart above, on the 15-minute chart, EURUSD is also presenting bearish opportunities as the price trades within a bearish channel, indicating a continuation of the downward trend. The current position of the MACD in the negative zone further supports the bearish signal. This situation could push the EURUSD down to the support level of 1.01425.
Technical Reference: sell while below 1.02630
Potential Stop Loss 1: 1.02415
Potential Stop Loss 2: 1.02630
Potential Take Profit 1: 1.01600
Potential Take Profit 2: 1.01425
