The EURUSD currency pair shows signs of potential decline as it has formed a Bearish Channel, indicating a downward price movement. This decline is further supported by technical indicators such as the Moving Average (MA) trending downwards and the MACD situated below the signal line, illustrating an increasingly dominant bearish momentum.
These two indicators deliver strong signals suggesting that the EURUSD is at risk of experiencing additional correction in the near future. The negative trend is highlighted by price movements remaining trapped below significant resistance levels, increasing the likelihood of the currency pair weakening further.
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On the 15-minute timeframe, the descending structure of EURUSD becomes more prominent with the formation of lower highs and lower lows, signaling a strong bearish trend. The price is currently trading below the 24-period Moving Average, acting as a dynamic resistance, reinforcing signals for further weakness. If selling pressure persists, the EURUSD may potentially decline deeper towards the support level of 1.04000.
Technical Reference: sell while below 1.04600
Potential Stop Loss 1: 1.04500
Potential Stop Loss 2: 1.04600
Potential Take Profit 1: 1.04115
Potential Take Profit 2: 1.04000
