The EURUSD pair continues to exhibit a weakening trend, indicating a persistent bearish sentiment. On the 1-hour chart, the price structure is consistently forming lower highs and lower lows, serving as a strong signal of sellers’ dominance in the market. Each attempt at a rebound thus far has been thwarted by a descending trendline that acts as a dynamic barrier to price movements. The failure to breach significant resistance levels further emphasizes that selling pressure remains the primary force, opening the door for a potential continuation of the decline in the near term.
From a technical perspective, the downward trajectory of the Moving Average (MA) alongside a declining ZigZag pattern highlights a stable continuation of the bearish trend. There are no clear signs of a significant trend reversal, while the negative region of the MACD further corroborates the downward momentum.
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On the 15-minute timeframe, the formation of a bearish channel reinforces the seller dominance within the market. With this solid combination of technical signals, EURUSD is likely to continue its downward trend toward the support level around 1.15790, unless any new fundamental factors emerge that could reverse market direction. For the time being, the technical bias remains in favor of sell positions this afternoon.
Technical Reference: sell while below 1.16655
Potential Stop Loss 1: 1.16485
Potential Stop Loss 2: 1.16655
Potential Take Profit 1: 1.15920
Potential Take Profit 2: 1.15790
