The EURUSD pair is showing signs of losing its bullish momentum on the 1-hour chart after breaking below the previously established bullish channel, which indicated strong buying activity. This situation suggests that the upward momentum is beginning to fade. The recent downturn in the Moving Average (MA) further emphasizes a shift in trend, while the price action breaking below the lower Bollinger Bands (BB) indicates a strengthening selling pressure during the US session this evening.
The negative movement of the MACD indicator also reinforces the seller’s control in the market, suggesting a potential for further decline in EURUSD in the near term. This technical combination creates a more bearish scenario, prompting traders to be cautious of a possible test of the next support level should selling pressures continue.
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On the 15-minute chart, EURUSD is once again signaling weakness after breaking out of the bullish channel. The Moving Average (MA) has sharply declined, reinforcing the trend change, while the Stochastic indicator in the overbought territory increases the likelihood of a downward correction. Given these technical signals, EURUSD is poised to continue its decline to test the support level around 1.17520 during the US session tonight.
Technical References: sell while under 1.18395
Potential Stop Loss 1: 1.18220
Potential Stop Loss 2: 1.18395
Potential Take Profit 1: 1.17545
Potential Take Profit 2: 1.17370
