The EURUSD currency pair is exhibiting signs of potential weakness ahead of the US trading session tonight after breaching a significant support level within a bearish channel. This break indicates an intensifying selling pressure, suggesting that a further decline is likely.
Moreover, the price action is currently positioned below the 24-period Moving Average (MA) on the 15-minute time frame, which underscores the prevailing bearish sentiment. The continuous position of the price below the MA reinforces that the downtrend remains intact, while the MACD line situated in negative territory further enhances the downward momentum.
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The bearish channel pattern has begun to take shape on the 15-minute time frame, indicating that selling pressure is starting to dominate the movements of EURUSD. The price being positioned below the 24-period Moving Average (MA) further highlights the potential for a downward trend. The downward slope of the MA acts as a dynamic resistance, increasing the confidence that the bearish momentum is gaining traction. Should the price remain anchored below the MA and the bearish channel pattern is preserved, the potential for further weakening towards 1.07885 is significant.
Technical Reference: sell while below 1.08990
Potential Stop Loss 1: 1.08790
Potential Stop Loss 2: 1.08990
Potential Take Profit 1: 1.08080
Potential Take Profit 2: 1.07885
