The EURUSD pair is currently moving within a bearish channel, highlighting the ongoing dominance of selling pressure in recent sessions. Prices remain constrained below a declining Moving Average (MA), indicating that the weakening trend persists. Each attempted rise appears to be hampered near a dynamic resistance level, signifying that sellers continue to control the market. Given this structure, the likelihood of a downward breakout increases if selling pressure continues.
Furthermore, the MACD indicator supports the bearish signals with its histogram consistently residing in negative territory and the signal line trending downwards. This scenario illustrates a strong bearish momentum, creating opportunities for EURUSD to test the next support level. Should selling pressure escalate, this currency pair could potentially drop even further.
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The EURUSD pair continues to face bearish pressure with a downtrend confirmed by the Moving Average (MA) and MACD on the 15-minute chart. The consistently declining MA suggests that prices are in a weakening phase, while the MACD situated in negative territory reinforces the downward momentum. As long as prices remain below the dynamic resistance, the potential for further declines remains open with the next lower support target at 1.07565.
Technical Reference: sell while below 1.08500
Potential Stop Loss 1: 1.08365
Potential Stop Loss 2: 1.08500
Potential Take Profit 1: 1.07690
Potential Take Profit 2: 1.07565
