The EURUSD currency pair is still experiencing significant selling pressure, with a clear bearish trend evident on the 1-hour chart. The price structure is forming a pattern of lower highs (LH) and lower lows (LL), indicating that the downward movement remains dominant. This situation confirms that buyers have not yet regained control of the market, while the bearish trendline continues to dictate the price movement. As long as prices remain below the dynamic resistance level, the potential for further decline remains open until this evening.
From a technical perspective, both the Moving Average (MA) and Zigzag indicators provide confirmations consistent with the downward trend. The downward-facing MA indicates that selling momentum is still strong, while the Zigzag reflects a continuous pattern of decline. With these technical signals in support, EURUSD has a tendency to continue weakening in the short term, with the possibility of testing the next support area if selling pressure persists.
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On the 15-minute chart, EURUSD appears to still be under pressure after successfully breaching the lower side of the bearish channel. The downward price movement is becoming increasingly evident, supported by the sharply downward-sloping Moving Average (MA) and the MACD indicator remaining in negative territory, reflecting the dominance of sellers in the market. In this case, the selling pressure is likely to continue, opening up potential for EURUSD to further weaken towards a crucial support area around 1.16340.
Technical Reference: sell below 1.17245
Potential Stop Loss 1: 1.17060
Potential Stop Loss 2: 1.17245
Potential Take Profit 1: 1.16475
Potential Take Profit 2: 1.16340
