The EURUSD pair is facing substantial selling pressure as the US trading session begins this evening. Prices have sharply declined following a breakout from a bullish channel, indicating that the previous upward momentum has come to an end. The current price structure is forming a lower low, which reinforces the signal that selling pressure continues to dominate the short-term movement. This situation clearly shows a trend reversal, where sellers have now taken control of the market after buyers failed to sustain the upward push.
From a technical standpoint, the sharply declining ZigZag pattern along with the downward-trending Moving Average (MA) serves as additional confirmation of the increasingly strong bearish bias. Market sentiment also appears to lean towards a downward trajectory, with a strong likelihood of prices continuing to weaken and testing the next support level in the near future. As long as prices remain below the resistance area following the breakout, selling pressure is expected to persist throughout this evening’s trading session.
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The EURUSD is under selling pressure following the formation of a bearish channel on the 15-minute time frame, indicating the dominance of selling in the short term. The continuously declining Moving Average (MA) further strengthens the downtrend tendency, acting as the main price suppressor. With the bearish momentum remaining robust, this currency pair is likely to continue its downward move to test the important support level at 1.15295 in the next trading session.
Technical Reference: sell while below 1.16115
Potential Stop Loss 1: 1.15890
Potential Stop Loss 2: 1.16115
Potential Take Profit 1: 1.15440
Potential Take Profit 2: 1.15295
