The EURUSD currency pair continues to experience consistent selling pressure, as evidenced by the 1-hour price action. The price movement is contained within a bearish channel, indicating that sellers remain dominant in the market. The zigzag structure is forming a pattern of Lower Highs and Lower Lows, reinforcing the prevailing downward pressure. As long as the price remains within this channel, the weakening momentum is likely to persist, and any rebounds that occur are primarily of a technical nature only.
From the indicator perspective, the bearish bias is becoming increasingly apparent. The Moving Average is trending downwards, which indicates that the prevailing trend remains negative, while the CCI is positioned in the overbought territory, which actually opens up possibilities for further declines. This technical combination suggests that EURUSD may potentially extend its downward pressure in this afternoon’s session, particularly if the price fails to break through the nearest resistance level.
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Moreover, EURUSD continues to advance within a bearish channel, underscoring that the strength of the sellers remains robust and the downward structure is maintained. Even with a limited pullback, the CCI positioning in the overbought area signals that the potential for continued weakening is still open. With these aligned technical conditions, EURUSD is expected to remain at risk of further declines and retest the important support level at 1.14845.
Technical Reference: sell below 1.15565
Potential Stop Loss 1: 1.15425
Potential Stop Loss 2: 1.15565
Potential Take Profit 1: 1.14965
Potential Take Profit 2: 1.14845
