The EURUSD pair continues to move within a bearish channel, indicating a dominant selling pressure in the market. The price movement consistently staying below the Moving Average (MA) further accentuates the downward trend, suggesting that sellers are still in control. Additionally, the MACD indicator residing in negative territory with an expanding histogram serves as further confirmation that the bearish momentum is still intact.
Traders should pay attention to significant support levels as they may guide future price movements. If EURUSD manages to breach critical support, selling pressure could intensify, leading to deeper declines. Conversely, should there be a rebound from support, a short-term correction might occur before the bearish trend resumes.
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Currently, EURUSD is positioned near the upper boundary of the Bollinger Bands, indicating that prices have reached an overbought state and may be at risk of a correction. Coupled with the Stochastic condition in the overbought zone, there is a potential for further weakening as the bullish momentum begins to wane. Should selling pressure emerge, this currency pair is at risk of descending toward the next support level at 1.07510.
Technical Reference: sell while 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
