The EURUSD pair currently exhibits potential for further decline due to the formation of a bearish channel, indicating strong selling pressure. The price continually moving within this channel suggests that the downward trend remains intact. This bearish channel pattern portrays a scenario where EURUSD is likely to weaken further in the short term.
In addition, technical indicators such as the Moving Average (MA) and MACD reinforce the bearish outlook for this currency pair. The price being below the 24-period MA line confirms a tendency towards bearishness in the medium term, while the MACD indicator positioned below the signal line indicates that the downward momentum is strengthening.
Recommended
Recommended
Recommended
Recommended
Aligned with the one-hour chart analysis above, on the 15-minute chart, EURUSD also presents a bearish opportunity as the price resides within a bearish channel, indicating continued declines, and the MACD currently in the negative territory adds to the bearish signals. This situation may pressure EURUSD down towards a support level of 1.02500.
Technical Reference: sell while below 1.03310
Potential Stop Loss 1: 1.03150
Potential Stop Loss 2: 1.03310
Potential Take Profit 1: 1.02655
Potential Take Profit 2: 1.02520
