The EURUSD currency pair is currently experiencing significant selling pressure on the 1-hour chart, showcasing a persistent bearish trend that has been evident since the beginning of the week. The price structure, characterized by a sequence of lower highs and lower lows, indicates that sellers remain in control of market movements. The continuously declining ZigZag pattern reinforces the dominance of selling pressure, while every recovery attempt has concluded as a brief correction. This situation reflects a lack of buying interest amidst the ongoing negative momentum, keeping the pair on a downward trajectory.
From a technical perspective, the sharply declining Moving Average (MA) line illustrates that the bearish momentum is still prevalent and there are no signs of a trend reversal. As long as the price continues to stay below the key MA line, the potential for further decline toward the next support area remains wide open. Strong technical support from the combination of the ZigZag pattern and MA signals indicates that market bias still favors sellers. Under these conditions, EURUSD is likely to remain under pressure until a stronger reversal signal emerges in the future.
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On the 15-minute timeframe, the bearish channel pattern further confirms the sellers’ dominance in the market. With this solid combination of technical signals, EURUSD could continue to weaken towards the support area around 1.15795, unless new fundamental factors emerge capable of reversing the market direction. For now, the technical bias remains tilted toward the seller this evening.
Technical Reference: sell while below 1.16655
Potential Stop Loss 1: 1.16485
Potential Stop Loss 2: 1.16655
Potential Take Profit 1: 1.15920
Potential Take Profit 2: 1.15795
