The EURUSD currency pair continues to face significant selling pressure, characterized by the ongoing formation of lower high and lower low patterns on the hourly chart. This structure indicates that the bearish trend remains dominant, with no clear signs of a substantial reversal in sight. The persistent downward trend line (bearish trend line) reinforces the view that this currency pair is likely to continue its downward movement in the near future, especially if it fails to break through key resistance levels above.
From a technical perspective, indicators such as Moving Average (MA) and Zigzag align with the bearish trend direction. The MA continues to point downward, indicating a consistent selling momentum, while the Zigzag reveals a sustained downtrend structure. Given this combination of technical signals, there is a strong potential for EURUSD to continue weakening towards the next support levels, as the seller momentum remains robust in the market.
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On the 15-minute chart, following the price’s breach of the lower bearish channel, the EURUSD continues to exhibit potential for further declines. This selling pressure is bolstered by technical signals, where the Moving Average (MA) appears to be sharply declining and the MACD remains in negative territory, indicating solid bearish momentum. Given this combination of technical indicators, the currency pair may continue its decline and aim to test the support level at 1.16785 shortly.
Technical Reference: sell beneath 1.17415
Potential Stop Loss 1: 1.17330
Potential Stop Loss 2: 1.17415
Potential Take Profit 1: 1.16875
Potential Take Profit 2: 1.16750
