Still in a Bearish Channel, EURUSD Likely to Decline Further

The EURUSD currency pair has returned to a Bearish Channel pattern on the 1-hour chart after briefly breaking above it. This movement suggests that the EURUSD lacks upward momentum at this time. The descending Stochastic indicator, which has not yet entered the oversold territory, presents possibilities for further declines.

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On the 15-minute chart, the Stochastic indicator is also rising from the oversold zone, which diminishes the likelihood of a short-term rebound. Therefore, the potential for a downward move remains significant.

Technical Reference: sell while below 1.09800
Potential Take Profit 1: 1.09000
Potential Take Profit 2: 1.08800
Potential Stop Loss 1: 1.09800
Potential Stop Loss 2: 1.10000