The EURUSD currency pair is currently trading within a bearish channel, indicating a prevailing selling pressure in the market. The price movements staying below the Moving Average (MA) further confirms the downward trend, suggesting that sellers remain in control. Additionally, the MACD indicator, which is positioned in the negative zone with an expanding histogram, serves as further verification that the bearish momentum is still robust.
Traders should keep an eye on critical support levels as indicators for potential price movements ahead. If EURUSD successfully breaks through the support, selling pressure is likely to intensify, opening the door for deeper declines. Conversely, if a rebound occurs from the support, there is a possibility for a short-term correction before the bearish trend resumes.
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Currently, EURUSD is positioned at the upper boundary of the Bollinger Bands, indicating that the price has reached an overbought level and is at risk of undergoing a correction. Combined with the Stochastic oscillator in the overbought territory, there is potential for further weakening as the bullish momentum begins to wane. Should selling pressure emerge, the currency pair is at risk of declining towards the next support level at 1.07510.
Technical Reference: sell below 1.08260
Potential Stop Loss 1: 1.08125
Potential Stop Loss 2: 1.08260
Potential Take Profit 1: 1.07625
Potential Take Profit 2: 1.07510
