The EURUSD currency pair is showing signs of a potential decline after being rejected at the upper Bollinger Bands, which often serves as an early indication of a price reversal. The selling pressure is intensifying, supported by key technical indicators such as the Moving Average (MA) and the MACD (Moving Average Convergence Divergence), both of which affirm a bearish outlook.
The Moving Average indicates that the price is trading below its moving average line, clearly signaling a dominant selling pressure. Additionally, the MACD confirms the bearish signal with its line moving below the signal line, and the histogram entering negative territory.
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In alignment with the hourly chart analysis, the 15-minute chart of EURUSD is also showing bearish opportunities as the CCI indicator resides in a bearish extreme. This situation could pressure EURUSD down towards the support level of 1.03495.
Technical Reference: sell below 1.04770
Potential Stop Loss 1: 1.04385
Potential Stop Loss 2: 1.04570
Potential Take Profit 1: 1.03665
Potential Take Profit 2: 1.03495
