The EURUSD currency pair is experiencing significant selling pressure as it has recently broken through the lower boundary of the Bollinger Bands on the chart. This breakthrough indicates a strong bearish momentum, with the selling pressure continuing to escalate. Such a breach typically serves as a signal for a deeper downward movement, particularly if the price does not quickly return to the range of the Bollinger Bands. This negative momentum is further reinforced by consistent bearish candles, suggesting that sellers are still in control of the market.
Moreover, the MACD indicator supports the likelihood of a downturn, as the MACD line is notably positioned far below the signal line, with a widening negative histogram. This condition confirms the existing bearish trend, providing a pathway for EURUSD to extend its decline toward support levels.
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On the 15-minute chart, EURUSD displays further downside potential as it consistently trades below the downward sloping Moving Average (MA), indicating a strong bearish trend. This scenario is supported by the MACD indicator, where the MACD line sits below the signal line and the negative histogram is widening, highlighting increasing selling momentum that suggests EURUSD may continue its decline toward the support level of 1.03200.
Technical Reference: Sell while below 1.03940
Potential Stop Loss 1: 1.03800
Potential Stop Loss 2: 1.03940
Potential Take Profit 1: 1.03330
Potential Take Profit 2: 1.03200
