The EURUSD pair has successfully breached the Bearish Channel pattern (marked in red) on the 1-hour chart and began to rise. However, its upward momentum is currently halted, forming a Descending Triangle pattern. This indicates a bearish outlook, suggesting that EURUSD could potentially reverse and decline.
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On the 15-minute chart, the Stochastic indicator signals that the market has entered the overbought zone, and it is also exhibiting a bearish divergence (illustrated by the green line). A bearish divergence occurs when the price chart forms a higher high, while the indicator shows a lower high.
Given this situation, the likelihood of a short-term decline in EURUSD appears significant.
Technical References: sell
Potential Take Profit 1: 1.07800
Potential Take Profit 2: 1.07650
Potential Stop Loss 1: 1.08150
Potential Stop Loss 2: 1.08300
