The EURUSD pair remains under significant bearish pressure as it breaks through the lower boundary of the bearish channel, confirming the potential for further declines. This low break indicates the overwhelming control of sellers in the market, especially with the Moving Average (MA) continuing its downward movement, signaling an ongoing weakness trend.
This scenario is further reinforced by increasing selling pressure, making it difficult for prices to rebound notably. If bearish pressure persists, the EURUSD may move towards the next support level in the near future.
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Moreover, EURUSD shows signs of potential additional weakness as the Stochastic indicator resides in the overbought zone on the 15-minute timeframe, indicating a possible downward correction. This condition often serves as a signal that prices have reached saturation levels and may experience selling pressure shortly. Should bearish momentum continue, this currency pair could test the nearest support level at 1.02140.
Technical Reference: sell while below 1.03200
Potential Stop Loss 1: 1.03000
Potential Stop Loss 2: 1.03200
Potential Take Profit 1: 1.02350
Potential Take Profit 2: 1.02140
