The EURUSD currency pair continues to experience significant selling pressure during the European session this afternoon, characterized by a series of lower highs and lower lows forming on the 1-hour chart. This structure indicates that the bearish trend remains the prevailing direction, with no substantial signs of a reversal at this time. The persistent downward trend line reinforces the outlook that this currency pair may continue to move lower in the near term, particularly if it fails to breach the critical resistance area above.
From a technical perspective, indicators such as Moving Average (MA) and Zigzag provide confirmation aligned with the bearish trend. The MA is still moving downward, indicating a consistent selling momentum, while Zigzag displays a continuing downward structure. This combination of technical signals suggests that EURUSD still has the potential to weaken further towards the next support level, as the dominance of sellers remains strong in the market.
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On the 15-minute timeframe, a clear bearish channel has formed, reinforcing the assumption that selling pressure is still dominating the movement of EURUSD this afternoon. The downward direction of the Moving Average (MA) indicates consistent selling momentum, while the MACD in negative territory further strengthens the bearish signal. This combination of technical structures underscores the likelihood of continued decline, with EURUSD likely attempting to test the support area at 1.16475 shortly.
Technical Reference: sell while below 1.17400
Potential Stop Loss 1: 1.17245
Potential Stop Loss 2: 1.17400
Potential Take Profit 1: 1.16645
Potential Take Profit 2: 1.16475
