The EURUSD pair is facing increasing selling pressure after breaking below a crucial support level within a bearish channel, suggesting further potential weakness. From a technical perspective, the price consistently trading below the 24-period Moving Average (MA) indicates a strong presence of sellers, while the MACD situated in negative territory, with an expanding histogram, reinforces the solid bearish momentum. The break below this channel opens up opportunities for the EURUSD to decline towards the next support level, especially if the selling pressure persists.
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A bearish channel pattern has begun to form on the 15-minute time frame, indicating that selling pressure is starting to dominate the EURUSD movement. The price trading below the Moving Average (MA) of 24 further emphasizes the likelihood of a downward trend. The currently declining MA serves as a dynamic resistance, reinforcing confidence that bearish momentum is taking shape. If the price continues to remain beneath the MA and the bearish channel is maintained, further weakness may target 1.07885.
Technical Reference: sell while below 1.08990
Potential Stop Loss 1: 1.08790
Potential Stop Loss 2: 1.08990
Potential Take Profit 1: 1.08080
Potential Take Profit 2: 1.07885
