The EURUSD currency pair is showing signs of weakening after breaching a critical support level within a bearish channel. This break underscores intensifying selling pressure, indicating a potential for deeper declines.
Currently, the price is trading below the 24-period Moving Average (MA) on the 15-minute timeframe, reinforcing the prevailing bearish sentiment. The ongoing price position beneath the MA highlights a solid downward trend, while the MACD line remaining in negative territory adds further strength to this downward momentum.
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A bearish channel pattern has begun to form on the 15-minute timeframe, signaling that selling pressure is becoming dominant in the movements of EURUSD. The price remaining below the 24-period Moving Average (MA) further emphasizes the potential for a downward trend. The MA, which is currently sloping downwards, acts as a dynamic resistance, bolstering confidence that a strong bearish momentum is developing. If the price continues to stay beneath the MA and the bearish channel maintains its integrity, further declines towards 1.08625 are likely.
Technical Reference: sell while below 1.09350
Potential Stop Loss 1: 1.09255
Potential Stop Loss 2: 1.09350
Potential Take Profit 1: 1.08720
Potential Take Profit 2: 1.08625
