The EURUSD currency pair has once again come under bearish pressure after failing to breach the resistance level within the ascending triangle pattern. This failure indicates that the buying strength is beginning to wane, especially as prices sharply declined below the trendline formed by the aforementioned pattern. The recent ZigZag movements have also created a downward pattern, further emphasizing the sellers’ control and providing a wider opportunity for the market to continue its downward trend.
Moreover, the MACD indicator, which currently resides in negative territory, amplifies the bearish pressure, suggesting that the selling momentum is gaining strength. Should this trend persist, the potential for a deeper decline in the EURUSD could materialize, with the nearest target being the next support area.
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Following a breach of a strong support level on the 15-minute time frame, the EURUSD pair has once more displayed sell pressure, reinforcing the dominance of seller activity in the market. The ZigZag indicator has consistently formed a downward pattern, while the Moving Average (MA) trend has sharply turned downwards, signaling an intensifying bearish momentum. Given these technical conditions, the EURUSD pair is likely set to continue its decline and prepare to test the subsequent support level around 1.15935.
Technical Reference: sell while below 1.16675
Potential Stop Loss 1: 1.16675
Potential Stop Loss 2: 1.16825
Potential Take Profit 1: 1.16110
Potential Take Profit 2: 1.15935
