The EURUSD pair remains under pressure as the Moving Average (MA) and MACD indicators are signaling a potential continuation of weakness in the near term. The price trading below the 24-period MA illustrates the dominance of sellers.
Meanwhile, the MACD being in negative territory with an expanding histogram confirms that the bearish momentum is strengthening. This movement indicates that there is room for further declines, with prices potentially heading towards the next support level.
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A bearish channel pattern has started to form on the 15-minute time frame, indicating that selling pressure is increasingly dominating the EURUSD movement. The price hovering below the 24-period Moving Average (MA) reinforces the potential for a downtrend. The downward-sloping MA serves as a dynamic resistance, adding confidence that the bearish momentum is developing. If the price continues to remain below the MA and the bearish channel pattern holds, further weakening toward 1.07885 is likely.
Technical Reference: sell while 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
