Bearish trend increasingly influences the movement of EURUSD on the 1-hour timeframe, clearly observed through the price’s ability to break through the bullish channel that previously capped its gains. Following this breakout, the market structure consistently forms a series of Lower Highs (LH) and Lower Lows (LL), which confirms a shift towards a more solid downtrend. This movement illustrates the loss of buying momentum and a complete shift in control to the sellers, leading to a gradual yet steady decline in EURUSD.
This bearish signal is further supported by technical indicators consistently reflecting a bearish bias. The downward direction of the moving averages, the zigzag pattern aligning with the downtrend, and the MACD being positioned in negative territory all contribute to exert additional pressure on the price. These three indicators not only affirm the current weakness but also pave the way for further downward movement unless a positive catalyst emerges to shift market sentiment. Given this scenario, EURUSD is poised for continued decline in the near future.
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Currently, EURUSD is trending within a bearish channel, indicating that selling pressure remains dominant and the decline’s structure is intact. The downward trajectory of the moving averages reinforces the bearish bias, while the CCI indicator points to an overbought condition, suggesting potential weakness ahead after a limited pullback phase. With this combination of technical factors, EURUSD seems set to decline further and has a chance to test a crucial support level at 1.14900.
Technical Reference: sell below 1.15505
Potential Stop Loss 1: 1.15385
Potential Stop Loss 2: 1.15505
Potential Take Profit 1: 1.15015
Potential Take Profit 2: 1.14900
