The EURUSD currency pair is currently experiencing significant selling pressure following a breach of the lower boundary of its bullish channel in the latest technical chart. This breakout signals an initial indication that the bullish momentum is waning, paving the way for a potential bearish trend to take hold.
Additionally, the price is now situated below the Moving Average (MA) line, further illustrating a shift in trend from bullish to bearish. This scenario is further accentuated by the evident dominance of bearish pressure, positioning this currency pair as vulnerable to further declines towards the subsequent support levels.
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In the 15-minute chart, EURUSD is starting to display signs of weakening after failing to break through the upper limit of the Bollinger Bands, which often indicates increased selling pressure. Moreover, the Stochastic indicator is currently in the overbought zone, signaling that the currency pair has reached a saturation point in buying. The combination of these two indicators suggests a probable correction downward, especially if the price continues to move away from the upper Bollinger Bands. Under this scenario, EURUSD may be poised to test the support level at 1.02895.
Technical Reference: sell if below 1.03625
Potential Stop Loss 1: 1.03485
Potential Stop Loss 2: 1.03625
Potential Take Profit 1: 1.03035
Potential Take Profit 2: 1.02895
