The EURUSD currency pair remains confined within a bearish channel, indicating a strong selling pressure prevailing in the market. The persistent movement of prices below the Moving Average (MA) line confirms that the downward trend is still ongoing, while the MACD indicator settling in negative territory further supports the likelihood of deeper declines.
With a lack of bullish sentiment capable of reversing the price direction, this currency pair is at risk of continuing its descent towards the next support level. Should the selling pressure intensify, EURUSD may test crucial support areas that could serve as key decision points for market participants.
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EURUSD continues to be trapped in a bearish channel on the 15-minute time frame, signifying sustained selling pressures dictating price movement. Prices remaining below the downward trendline strengthen the potential for further declines, while technical indicators depict a persistent bearish momentum. If selling pressure persists, this currency pair risks testing the nearest support level, targeting a downward move towards 1.07510.
Technical Reference: sell while below 1.08110
Potential Stop Loss 1: 1.08025
Potential Stop Loss 2: 1.08110
Potential Take Profit 1: 1.07625
Potential Take Profit 2: 1.07510
