Recently, EURUSD has seen a significant breakdown from its previously supportive bullish channel, which had been facilitating upward movement. This breach suggests that the once strong upward trend may have reversed, implying a potential further decline. The Moving Average (MA) indicator also points towards a bearish sentiment, as the price now resides below the MA line, indicating a loss of bullish momentum.
Moreover, the MACD indicator reinforces the bearish outlook by showing the MACD line falling below the signal line. This scenario indicates that downward pressure could persist in the near future.
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On the 15-minute timeframe, the bearish structure of EURUSD becomes increasingly evident with the emergence of lower highs and lower lows, pointing to a strong bearish trend. The price is currently trading beneath the 24-period MA, which serves as dynamic resistance, reinforcing the potential for further declines. If selling pressure continues, EURUSD might extend its drop towards the support level of 1.04275.
Technical Reference: Sell when below 1.04870
Potential Stop Loss 1: 1.04775
Potential Stop Loss 2: 1.04870
Potential Take Profit 1: 1.04395
Potential Take Profit 2: 1.04275
