The EURUSD pair continues to exhibit a strong bearish trend as we move into the evening session, with price movements firmly contained within a descending channel. The market structure indicates a robust presence of sellers , where each attempt at a rebound has faltered below the dynamic resistance level. Sustained selling pressure has led to the formation of lower highs and lower lows, signaling that downward pressure remains the primary trend in the short term.
From a technical perspective, both the Moving Average (MA) and ZigZag indicators align with the prevailing bearish trend. These indicators confirm the likelihood of further declines since prices continue to stay below average levels without any significant reversal signs. As long as prices remain trapped within the bearish channel without breaking through the closest resistance, the potential for continued weakening of EURUSD persists, heading towards the next support level.
Recommended
Recommended
Recommended
Recommended
The bearish sentiment remains dominant on the 15-minute time frame, further emphasized by the formation of a bearish channel indicating sustained selling pressure. The declining direction of the Moving Average reflects a consistent downtrend, while the MACD indicator has recently entered negative territory, bolstering the potential for further decline. Under these conditions, EURUSD may continue its downward trajectory to test the support level at 1.15145.
Technical Reference: sell while 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
