The EURUSD currency pair continues to experience significant selling pressure, with a clear downward trend visible on the 1-hour chart. The price structure indicates ongoing formation of lower highs and lower lows, suggesting that market sentiment remains firmly in favor of sellers. The intact descending trend line reinforces the signal that there is limited potential for a directional reversal. Additional support is indicated by the ZigZag indicator, which showcases a consistent downward pattern, highlighting the lack of buying interest amid prevailing selling pressure.
From a technical perspective, the sharply declining Moving Average (MA) further emphasizes the solid bearish momentum. Any price increase attempts so far have merely served as short-term corrections before the selling pressure resumes.
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Meanwhile, on the 15-minute timeframe, the established bearish channel further confirms the strength of the downward trend. The MACD remaining in the negative territory indicates that selling momentum is still active, presenting opportunities for EURUSD to continue its decline toward the nearest support level around 1.16155 if seller pressure persists.
Technical Reference: sell while below 1.16770
Potential Stop Loss 1: 1.16625
Potential Stop Loss 2: 1.16770
Potential Take Profit 1: 1.16060
Potential Take Profit 2: 1.15930
