Persistent selling pressure continues to influence the EURUSD movement during the US trading session this evening. The price remains confined within a bearish channel, indicating that the sellers still hold substantial strength, and the downward trend has yet to show any significant signs of weakening. The price structure, which has formed a series of Lower Highs (LH) and Lower Lows (LL), reinforces the signal that this currency pair is still in a short-term corrective phase.
From a technical perspective, the Moving Average (MA) and ZigZag indicators indicate a prevailing bearish inclination that aligns with market momentum. The persistently declining MA confirms that selling pressure dominates, while the ZigZag reveals a consistent continuation of the downward structure. If this pressure persists, the EURUSD may test the nearest support area before any potential technical rebound appears. However, as long as the price remains below the upper line of the bearish channel, the chance for further weakening remains greater than for a reversal.
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The bearish sentiment also continues to dominate the 15-minute time frame, with the formation of a bearish channel signaling that selling pressure remains robust. The downward direction of the Moving Average illustrates the continuity of the downtrend, while the MACD indicator beginning to enter negative territory further strengthens the potential for continued declines. In this condition, the EURUSD is likely to continue weakening and test the support level at 1.15685.
Technical Reference: sell below 1.16195
Potential Stop Loss 1: 1.16030
Potential Stop Loss 2: 1.16195
Potential Take Profit 1: 1.15330
Potential Take Profit 2: 1.15145
