The EURUSD pair is currently experiencing intensified selling pressure as the price has breached the break low area on the Bollinger Bands in the 1-hour timeframe. This breakthrough suggests a rise in market volatility, with prices now trading below the midline of the Bollinger Bands. Such a situation serves as an early signal that the bearish trend continues, providing an opportunity for this currency pair to further weaken towards the next support level.
Additionally, the MACD indicator strengthens this bearish signal with an increasingly negative histogram and the MACD line crossing below its signal line. The combination of the Bollinger Bands break low and the MACD signal reflects solid selling momentum, indicating a potential for EURUSD to decline further.
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On the 15-minute timeframe, EURUSD displays a potential for weakening following the formation of a complete double top pattern along with a breakout neckline, signaling possible reversal. This pattern is further validated by a bearish confirmation from the Moving Average (MA) indicator with a period of 24, indicating that the price is moving below the MA line. In this scenario, the bearish momentum could strengthen and may trigger EURUSD to decline towards support at 1.03735.
Technical Reference: sell while below 1.04730
Potential Stop Loss 1: 1.04545
Potential Stop Loss 2: 1.04730
Potential Take Profit 1: 1.03930
Potential Take Profit 2: 1.03735
