The EURUSD currency pair exhibits strong selling pressure on the 1-hour chart, maintaining a price structure characterized by Lower Highs and Lower Lows. This situation reaffirms the sellers’ dominance, as each attempt at a rebound has failed to breach significant resistance levels. The continuously declining Moving Average (MA) further underscores the prevailing short-term bearish trend. As long as the price fails to hold above the key resistance area, selling pressure is expected to remain the prevailing force in price movement.
From a momentum perspective, the Commodity Channel Index (CCI) indicates it is approaching overbought territory, suggesting a potential return of fresh selling pressure. Any price increases appear to be merely technical recoveries and have proven insufficient to reverse the primary trend direction. This reveals that the market is still predominantly influenced by sellers, who are leveraging any price uptick as an opportunity to increase their short positions. Should the price once again fail to breach minor resistance, the downward pressure may continue towards the next support level.
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Meanwhile, on the 15-minute chart, EURUSD is still trading within a bearish channel, affirming the consistency of the downward trajectory. Although the MA line on this timeframe appears to flatten slightly, there are no significant reversal signals from either price action or momentum indicators. The stable selling pressure indicates that sellers are still in control of the market as we approach the midday trading session. With the trend structure intact and no significant changes in key areas, the possibility for further declines towards support at 1.14825 remains open.
Technical Reference: sell below 1.15335
Potential Stop Loss 1: 1.15260
Potential Stop Loss 2: 1.15335
Potential Take Profit 1: 1.14900
Potential Take Profit 2: 1.14825
