The EURUSD pair is poised to continue its bearish trend tonight, as indicated by the formation of a bearish channel, signaling selling pressure in this currency pair. Both the Moving Average (MA) and MACD indicators point towards a bearish sentiment, with the MA trending downwards and the MACD displaying negative momentum.
Given the signals from these two indicators, EURUSD faces a heightened risk of further declines. Traders should remain cautious about potential price corrections, particularly if the price continues to move within the bearish channel and fails to breach any significant resistance levels.
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Consistent with the one-hour chart analysis above, the 15-minute chart for EURUSD also suggests bearish opportunities as the MA indicator is trending down, indicating that a downward move is likely. The CCI is currently in the overbought zone, indicating a potential reversal. This scenario could drive the EURUSD down towards the support level of 1.02500.
Technical Reference: sell while below 1.03415
Potential Stop Loss 1: 1.03275
Potential Stop Loss 2: 1.03415
Potential Take Profit 1: 1.02655
Potential Take Profit 2: 1.02500
