Dominance of Bearish Channel, Stochastic Overbought: EURUSD Remains Under Pressure

The EURUSD pair continues to face selling pressure within a predominately bearish channel, even as the Stochastic indicator has entered the overbought territory. This scenario suggests that any temporary price increase might only be a correction, indicating that the currency pair could still face further downside risk.

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In accordance with the analysis of the one-hour chart above, on the 15-minute chart, EURUSD also presents bearish opportunities as prices have managed to break through the bullish channel, indicating a continuation of the downward trend. Furthermore, the OsMA is currently positioned in negative territory, reinforcing the bearish signal. This development could lead the EURUSD downward towards the support level of 1.02600.

Technical Reference: sell while below 1.03420
Potential Stop Loss 1: 1.03280
Potential Stop Loss 2: 1.03420
Potential Take Profit 1: 1.02715
Potential Take Profit 2: 1.02600