The influence of buyers in the EURUSD pair appears to be waning on the 1-hour chart, evidenced by a sharp decline that has breached the support area of the previously strong bullish channel. This downward breakout signifies a shift in market structure, where the initial upward trend is now indicating potential reversal towards a bearish outlook. This movement aligns with the downward trajectory of the Moving Average indicator, while the ZigZag shows the formation of a new downward wave, indicating increasing selling pressure.
Moreover, the MACD indicator, which is currently in negative territory, provides further confirmation that bearish momentum is gaining strength. The weakened thrust from buyers heightens the likelihood of prices continuing to decline toward the nearest support level in the near term. Given this combination of technical signals, the EURUSD may enter a deeper corrective phase, especially if selling pressure intensifies during the European session and beyond.
Recommended
Recommended
Recommended
Recommended
A bearish channel is beginning to form on the 15-minute time frame, indicating that the selling pressure on the EURUSD pair is becoming more structured. The downward price movement is in line with the direction of the Moving Average, which is also trending downwards, coupled with the CCI indicator sharply declining from the overbought territory, demonstrating a shift in momentum from buyers to sellers. With this technical signal combination, the EURUSD is now positioned well to continue its decline and may potentially test the critical support level at 1.15675.
Technical Reference: sell while under 1.16215
Potential Stop Loss 1: 1.16110
Potential Stop Loss 2: 1.16215
Potential Take Profit 1: 1.15775
Potential Take Profit 2: 1.15675
