The EURUSD currency pair has started to exhibit a clearer bearish sentiment on the 1-hour chart after failing to maintain its rebound from the uptrend trendline. Instead of strengthening, the price has reversed and breached this level, resulting in a new low that indicates prevailing selling pressure. This pattern is further reinforced by the Zigzag indicator, which has begun to trend downward after breaking the trend line, signaling an ongoing weakening momentum.
Moreover, additional technical confirmation comes from the Moving Average (MA) indicator, which is currently trending downwards, along with the MACD that is positioned in negative territory. Both indicators heighten the probability of a short-term decline, making the potential for bearish movement on the 1-hour time frame increasingly apparent. As long as the EURUSD remains below the breached trendline, there is a significant risk of a further correction.
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On the 15-minute chart, the EURUSD has formed a bearish channel that underscores the dominant selling pressure in the short term. This weakening signal is corroborated by the downward movement of the Moving Average (MA) and the MACD operating in negative territory. Given this technical combination, there is a likelihood for the EURUSD to continue its downward trend toward a key support level around 1.16650.
Technical Reference: Sell while below 1.17200
Potential Stop Loss 1: 1.17060
Potential Stop Loss 2: 1.17200
Potential Take Profit 1: 1.16755
Potential Take Profit 2: 1.16650
