A shift from bullish to bearish is emerging in the EURUSD on the 1-hour chart. The previously established bullish channel, which signified buyer dominance, has been breached, indicating a loss of upward momentum. The downward-turning Moving Average (MA) further clarifies this trend shift, while the price breaking below the Bollinger Bands (BB) low serves as an additional signal that selling pressure is intensifying.
The MACD indicator, moving into negative territory, reinforces the prevailing seller dominance in the market, suggesting the potential for further declines in EURUSD in the near term. This technical combination paints a more bearish outlook, leading traders to remain vigilant about the possibility of testing next support levels if selling continues.
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On the 15-minute chart, EURUSD signals a renewed weakness after the breach of the bullish channel. The Moving Average (MA) is sharply declining, emphasising the trend reversal, while the Stochastic indicator in the overbought zone adds to the likelihood of a downward correction. With this combination of technical signals, EURUSD has the potential to continue its downward trajectory to test the support level around 1.17520.
Technical Reference: sell while below 1.18635
Potential Stop Loss 1: 1.18470
Potential Stop Loss 2: 1.18635
Potential Take Profit 1: 1.17730
Potential Take Profit 2: 1.17525
