The EURUSD currency pair remains under pressure as the Moving Average (MA) and MACD indicators signal that further declines may be on the horizon. The price action below the 24-period MA reflects the prevailing strength of the sellers.
Additionally, the MACD in negative territory, with an expanding histogram, confirms that the bearish momentum is intensifying. This movement suggests a potential for continued downward movement, with prices likely to approach the next support level.
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A bearish channel pattern is beginning to form on the 15-minute time frame, indicating that selling pressure is starting to dominate the EURUSD movements. The price remaining below the 24-period Moving Average (MA) further strengthens the potential for a downward trend. The downward trajectory of the MA acts as a dynamic resistance, reinforcing the notion that bearish momentum is developing. Should the price continue to stay beneath the MA, and if the bearish channel pattern holds, the likelihood of further weakness down to 1.07885 increases.
Technical References: sell if below 1.08990
Potential Stop Loss 1: 1.08625
Potential Stop Loss 2: 1.08795
Potential Take Profit 1: 1.08080
Potential Take Profit 2: 1.0788
