The EURUSD currency pair continues to experience significant pressure as it remains under the influence of a persistent bearish channel on the 1-hour time frame. The dominance of sellers is evident through consistent selling pressure, pushing prices further away from short-term resistance levels. The downward trajectory of the Moving Average (MA) reinforces the prevailing bearish tendency, while the MACD indicator in negative territory supports the potential for continued downward trend. This technical combination creates opportunities for further declines until a valid reversal signal emerges.
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Although there was a brief break high in the previous session indicating high market volatility, the price movement of EURUSD on the 15-minute time frame continues to exhibit a clear downtrend. Selling pressure remains robust, with prices consistently trending lower. The ZigZag indicator further confirms this bearish direction, suggesting that any upward movements are merely corrective. Given the favorable technical conditions, EURUSD may continue to decline towards a critical support zone at 1.15330.
Technical Reference: sell while under 1.16300
Potential Stop Loss 1: 1.16095
Potential Stop Loss 2: 1.16300
Potential Take Profit 1: 1.15520
Potential Take Profit 2: 1.15330
