The EURUSD currency pair is facing ongoing selling pressure as it moves within a bearish channel, indicating that the downward trend remains firmly in place. From a technical perspective, the Stochastic indicator reveals an oversold condition, suggesting that the selling momentum might be reaching saturation. However, as long as the price stays within the bearish channel, the possibility for further declines persists.
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In line with the analysis of the hourly chart above, the 15-minute chart also points to bearish opportunities, as prices consistently remain within the bearish channel. This scenario indicates that the downtrend might continue, with the CCI sharply dropping from overbought levels, indicating a potential one-directional movement. This situation could push the EURUSD lower towards the support level of 1.02725.
Technical Reference: sell when below 1.03570
Potential Stop Loss 1: 1.03425
Potential Stop Loss 2: 1.03570
Potential Take Profit 1: 1.02885
Potential Take Profit 2: 1.02725
