The movement of EURUSD tonight continues to indicate ongoing bearish pressure. The formation of a bearish channel on the one-hour chart suggests that this currency pair may further weaken. Prices moving within this channel indicate strong selling pressure.
Negative signals are also visible from technical indicators, specifically the Moving Average (MA) and MACD. The price being below the 24-period MA line suggests that the medium-term trend is predominantly bearish. Additionally, the MACD indicator is located below the signal line, indicating that the downward momentum is still quite robust.
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Consistent with the one-hour chart analysis above, on the 15-minute chart, EURUSD also presents bearish opportunities as the price remains within a bearish channel, indicating a continuation of the decline, with the MACD currently in the negative zone serving as a negative signal. This situation creates a likelihood of pushing EURUSD down towards the support level of 1.0250.
Technical Reference: sell while below 1.03575
Potential Stop Loss 1: 1.03400
Potential Stop Loss 2: 1.03575
Potential Take Profit 1: 1.02735
Potential Take Profit 2: 1.02560
