The current movement of EURUSD indicates a continuation of bearish pressure. The formation of a bearish channel on the hourly chart suggests that this currency pair may continue to decline in the near future. The price action within this channel signifies strong selling pressure.
Negative signals are also observed from technical indicators, specifically the Moving Average (MA) and MACD. The price trading below the 24-period MA line indicates that the medium-term trend is leaning towards bearish. Furthermore, the MACD indicator positioned below the signal line suggests that the downward momentum remains robust.
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In alignment with the above hourly chart analysis, the 15-minute chart of EURUSD also presents bearish opportunities, as the price is situated within a bearish channel, indicating a continuation of the drop, while MACD is currently in the negative zone, serving as a negative signal. This scenario could push EURUSD down towards the support level of 1.02625.
Technical Reference: sell when below 1.03550
Potential Stop Loss 1: 1.03380
Potential Stop Loss 2: 1.03550
Potential Take Profit 1: 1.02755
Potential Take Profit 2: 1.02625
