The EURUSD pair continues to experience significant selling pressure, as observed in the 1-hour time frame where it remains within a bearish channel. The price action displays a Lower High and Lower Low pattern through a ZigZag formation, indicating that the dominance of sellers persists with no signs of weakening. As long as the price remains trapped within this channel, the movement is likely to continue on a downward trend, with any rebound appearing to be merely a temporary correction.
Technical support further reinforces the bearish bias. The downward trajectory of the Moving Average confirms that sell pressure remains dominant, while the CCI indicator, which had previously moved into the overbought territory, now allows for further declines. As long as the nearest resistance remains unbroken, the chances for continued downward pressure remain significant during the US session tonight.
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Overall, the consistent movement of EURUSD within the bearish channel indicates that the weakening pattern is still intact. Although there has been a limited pullback, the technical character formed is not robust enough to suggest a change in direction. With a persistent negative bias and supporting indicators, EURUSD is likely to continue its decline during the US session tonight, potentially testing the crucial support level at 1.14955.
Technical Reference: sell while below 1.15855
Potential Stop Loss 1: 1.15740
Potential Stop Loss 2: 1.15855
Potential Take Profit 1: 1.15100
Potential Take Profit 2: 1.14955
