The EURUSD has shown increasingly strong bearish signals after breaching the bullish channel support, indicating a potential loss of momentum from its previous upward trend. The selling pressure is becoming more evident as prices remain below the Moving Average (MA), suggesting a shift in trend towards a downward movement. Furthermore, the MACD indicator confirms this weakness, having crossed below the signal line, with the histogram beginning to move into negative territory, underlining the dominance of selling pressure in the market.
If selling pressure persists, the EURUSD may test the next support level to find price equilibrium. In this scenario, traders should monitor whether the price can break the critical support area or if it will experience a pullback to re-test the breached resistance. As long as the price remains below the MA and the MACD sustains its negative momentum, the bearish trend will continue, creating opportunities for a deeper decline in EURUSD.
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The EURUSD is exhibiting signs of weakening as the price moves beneath the declining Moving Average (MA), indicating that selling pressure remains prevalent. Although the Stochastic indicator is in oversold territory on the 15-minute time frame, which typically suggests a potential rebound, further confirmation is needed to determine whether the selling momentum will persist or if a temporary pullback will occur. If EURUSD fails to regain above the MA and selling pressure continues to rise, this currency pair could continue its decline towards the support level of 1.04465.
Technical Reference: sell when below 1.04950
Potential Stop Loss 1: 1.04870
Potential Stop Loss 2: 1.04950
Potential Take Profit 1: 1.04555
Potential Take Profit 2: 1.04465
