Following the break from the rising wedge pattern, the EURUSD movement on the 1-hour timeframe is showing signs of weakness. The ZigZag indicator confirms the bearish signal with the formation of a consistent downward pattern. This serves as an initial indication that buyers are losing momentum while sellers are starting to take control of the market direction.
Additional support is provided by the MACD indicator, which is moving in the negative zone, emphasizing the likelihood of continued selling pressure. As long as these technical conditions persist, EURUSD could continue to decline further, creating opportunities for traders to look for selling opportunities in the short-term trend.
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The EURUSD is starting to form a bearish trendline, indicating a strengthening potential for declines. The MA and ZigZag indicators are also providing aligned signals, thereby increasing the potential for downward pressure on the 15-minute chart. With this combination, EURUSD has the opportunity to continue weakening towards a critical support level at 1.15935.
Technical Reference: sell while below 1.16740
Potential Stop Loss 1: 1.16600
Potential Stop Loss 2: 1.16740
Potential Take Profit 1: 1.16070
Potential Take Profit 2: 1.15935
