The dominance of sellers in the EURUSD market is becoming increasingly evident as a decisive breakout occurs from the previously established bullish channel. This breakout clearly signals significant weakness among buyers and serves as a primary indicator of a potential trend reversal. Prices are currently creating a series of new lower highs and are experiencing a pullback to the breached area, which now acts as a robust resistance. This confirmed price action is exerting heightened selling pressure on the EURUSD in the 1-hour timeframe. Furthermore, the Moving Average (MA) indicator continues to indicate a downward trajectory, further supported by the ZigZag indicator showing early signs of a decline, confirming a strong bearish trend.
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An emerging bearish channel can be seen forming on the 15-minute timeframe, indicating a more structured selling pressure on the EURUSD. The descending price action aligns with the Moving Average’s downward direction, while the CCI indicator sharply falls from overbought territory, signaling a momentum shift from buyers to sellers. With this strong combination of technical signals, EURUSD is well-positioned to continue its downward movement and may potentially test crucial support levels around 1.15715.
Technical Reference: sell while below 1.16215
Potential Stop Loss 1: 1.16110
Potential Stop Loss 2: 1.16215
Potential Take Profit 1: 1.15815
Potential Take Profit 2: 1.15715
