The EURUSD currency pair is poised to sustain its bearish trend following the establishment of a bearish channel, indicative of selling pressure. The Moving Average (MA) and MACD indicators further reinforce this bearish outlook, as the MA displays a downward trajectory while the MACD indicates negative momentum.
Given the combined signals from these indicators, there is a heightened risk that EURUSD may continue to decline. Market participants should remain vigilant for potential price corrections, especially if the pair consistently operates within the bearish channel without breaking through significant resistance levels.
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In alignment with the analysis of the hourly chart above, the 15-minute chart for EURUSD also presents bearish opportunities as the MA shows a steep downward movement while the CCI has sharply dropped from overbought territory. This situation could exert downward pressure on EURUSD, targeting the support level of 1.03150.
Technical Reference: sell while below 1.04170
Potential Stop Loss 1: 1.03975
Potential Stop Loss 2: 1.04170
Potential Take Profit 1: 1.03290
Potential Take Profit 2: 1.03149
