The EURUSD pair is experiencing a downward movement during the European session today, confirming the ongoing bearish trend established earlier this week. An analysis of the hourly chart reveals a consistent pattern of lower highs and lower lows, reinforcing the outlook that sell pressure remains prevalent. The intact descending trendline acts as a dynamic barrier for any rebound attempts, while the failure to break through significant resistance levels above opens avenues for further declines in the near future.
From a technical perspective, indicators such as the Moving Average (MA) and ZigZag continue to reflect a downward trajectory that aligns with the primary trend. The downward-sloping MA indicates steady selling momentum, whereas the ZigZag reveals an unbroken pattern of gradual decline without signs of reversal. This situation illustrates that selling pressure is still considerably strong, and any price increases are likely to be short-lived before renewed selling pressure emerges.
Recommended
Recommended
Recommended
Recommended
On the 15-minute timeframe, the bearish channel pattern further confirms the supremacy of sellers in the market. The downward direction of the MA and the MACD remaining in negative territory bolster signals for continued weakness. With this solid combination of technical signals, EURUSD is likely to extend its decline toward the support zone at 1.15795, unless new fundamental catalysts arise to alter the trend’s direction. For the moment, the technical bias is clearly in favor of sellers during the European session.
Technical Reference: Sell below 1.16560
Potential Stop Loss 1: 1.16405
Potential Stop Loss 2: 1.16560
Potential Take Profit 1: 1.15940
Potential Take Profit 2: 1.15780
