The EURUSD currency pair is once again experiencing intense selling pressure during tonight’s trading session. The price structure has formed a bearish Lower High – Lower Low (LH-LL) pattern on the 1-hour timeframe, reflecting the dominance of sellers since the European session began. This downward momentum is further confirmed by the positioning of the Moving Average (MA), which continues to trend lower, indicating that the bearish momentum remains active. Additionally, the ZigZag indicator is demonstrating a continuation pattern in the decline, confirming that any attempts at a rebound have only resulted in minor corrections before the prices weaken again.
Given this technical backdrop, the potential for further declines in the EURUSD remains highly likely. As long as prices stay below the MA and fail to form any new bullish structures, the selling pressure is expected to remain dominant. The market is likely to adopt a cautious stance ahead of the upcoming US data releases, which might act as an additional catalyst for volatility. Should the dollar regain strength, the EURUSD could continue its decline towards nearby supports.
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The EURUSD pair is currently operating within a bearish channel, with prices persistently pressured beneath a declining trend structure. While the Moving Average lines are beginning to flatten, they still indicate a downward trend, signaling that bearish momentum remains in control. Meanwhile, the CCI indicator has entered the overbought region, suggesting the possibility of further weakening as selling pressure may reclaim control. With these technical combinations at play, it is likely that the EURUSD will continue its downward trajectory and test critical support levels at 1.14935.
Technical References: sell while below 1.15625
Potential Stop Loss 1: 1.15505
Potential Stop Loss 2: 1.15625
Potential Take Profit 1: 1.15060
Potential Take Profit 2: 1.14935
