The EURUSD currency pair is displaying signs of potential weakness after its inability to break through the resistance area within an ascending triangle pattern on the 1-hour time frame. Selling pressure has intensified as the price failed to maintain its position beneath the pattern and subsequently broke below the low of the ascending triangle, which technically allows sellers to dominate the market movement. This scenario suggests a possible trend reversal from a bullish to bearish bias, especially after the failed breakout to the upside, which signals a stronger bearish sentiment.
From the technical indicators perspective, the ZigZag indicator is starting to form a new downward pattern, while the MACD is also indicating bearish signals with a momentum that is increasingly turning negative. This situation reinforces the expectation that EURUSD might continue to weaken as the US session approaches tonight. As long as the price remains below the breached support area, the selling pressure may persist, aiming to test the next critical support level.
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On the 15-minute time frame, the EURUSD continues to navigate through a consistent bearish channel, with a zigzag pattern confirming the downward trend. The pressure is mounting further after the CCI indicator shows an overbought condition, creating opportunities for a deeper correction toward the significant support level at 1.15695, which is now a focal point for the market.
Technical Reference: sell as long as it remains below 1.16470
Potential Stop Loss 1: 1.16315
Potential Stop Loss 2: 1.16470
Potential Take Profit 1: 1.15825
Potential Take Profit 2: 1.15695
