The EURUSD currency pair is displaying signs of weakening after successfully breaking below the lows established by a rising wedge pattern, leading to the formation of new lows. This movement has been accompanied by a pullback towards the Support Become Resistance (SBR) zone, indicating the potential for a continuation of the downward trend. The emergence of a ZigZag pattern further reinforces the bearish signal, suggesting that sellers continue to dominate the market in the short term.
Furthermore, technical support is indicated by the MACD, which currently resides in negative territory, boosting confidence in the likelihood of continued weakness. As long as the price remains below the SBR zone, the EURUSD has ample opportunity to continue its descent, with a target for testing the nearest support level during tonight’s trading session.
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The EURUSD pair is beginning to form a bearish trendline, signaling an intensifying opportunity for further declines. Both the MA and ZigZag indicators are providing aligned signals, thereby increasing the potential for downward pressure on the 15-minute timeframe. With this combination of factors, the EURUSD has the chance to continue its downward trajectory, aiming to test a critical support level at 1.16110.
Technical Reference: sell as long as it remains below 1.16880
Potential Stop Loss 1: 1.16740
Potential Stop Loss 2: 1.16880
Potential Take Profit 1: 1.16265
Potential Take Profit 2: 1.16110
