The EURUSD currency pair continues to experience bearish pressure, with technical indicators strongly suggesting further declines. The current price is situated within a bearish channel, highlighting the prevailing selling pressure. Moreover, the price’s position below the 24-period Moving Average (MA) reinforces the indication of a downward trend.
The MACD indicator also supports the bearish outlook, as the MACD line remains below the signal line, accompanied by a deepening negative histogram. This combination of technical factors creates opportunities for EURUSD to break through a critical support level.
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In alignment with the analysis of the hourly chart above, the 15-minute chart also presents a bearish scenario as the price falls within a bearish channel, signaling a continuous decline. Additionally, the MACD is currently positioned in the negative territory, further enhancing the bearish signals. This situation may lead to a downward movement of EURUSD toward the support level of 1.01685.
Technical Reference: sell while below 1.02890
Potential Stop Loss 1: 1.02680
Potential Stop Loss 2: 1.02890
Potential Take Profit 1: 1.01920
Potential Take Profit 2: 1.01685
