The EURUSD pair continues to feel the pressure from robust selling activities, as observed in the 1-hour time frame which remains within a bearish channel. The price action is displaying a Lower High and Lower Low pattern through ZigZag formations, indicating that the sellers are still firmly in control and show no signs of weakening. As long as the price remains contained within this channel, the movement is likely to continue its downward trend, with any rebound seen more as a temporary correction.
Technical support reinforces this bearish outlook. The Moving Average continues to trend downward, confirming that selling pressure is still dominant, while the CCI, which had previously been moving towards overbought territory, now allows room for further declines. Until the nearest resistance is broken, the potential for additional downward pressure remains significantly open during the US session tonight.
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On the 15-minute time frame, bullish signals for the EURUSD are increasingly apparent as the Moving Average begins to rise alongside the formation of a bullish trendline, indicating a shift towards more positive momentum. The OsMA, situated in positive territory, also supports upward movements, reflecting that buying pressure is starting to dominate. This combination of technical signals provides an opportunity for the EURUSD to continue rising and potentially test resistance at the 1.15955 level during the US session tonight.
Technical Reference: Buy when above 1.15160
Potential Take Profit 1: 1.15825
Potential Take Profit 2: 1.15955
Potential Stop Loss 1: 1.15275
Potential Stop Loss 2: 1.15160
