Stuck in a Bearish Channel, EURUSD Faces Significant Pressure

The EURUSD currency pair remains trapped within a Bearish Channel on the hourly chart as of Monday (April 7, 2025). Earlier today, EURUSD experienced a sharp decline, creating a gap and temporarily breaking through the channel; however, it quickly rebounded, closing the gap and returning to the Bearish Channel.

The Stochastic indicator has reached overbought levels, which suggests a heightened potential for a downturn.

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Similarly, the Stochastic on the 15-minute chart is also in the overbought territory, further increasing the likelihood of a decline.

Technical Reference: Sell while below 1.10500
Potential Take Profit 1: 1.09700
Potential Take Profit 2: 1.09450
Potential Stop Loss 1: 1.10500
Potential Stop Loss 2: 1.10750