The EURUSD pair is showing a clear trend change on the hourly chart after a key support level of the bullish channel has been broken. This decline indicates that buyer strength is waning, while selling pressure is intensifying. The price structure is now forming a more defined bearish pattern, signaling a shift in market sentiment from bullish to bearish. The emergence of a new bearish channel further confirms that market control is now in the hands of the sellers, with greater chances of further declines ahead.
Technical indicators are also providing aligned confirmations. The ZigZag indicator is developing a consistent downward structure, while the Moving Average (MA) is trending downward, indicating that bearish momentum is becoming increasingly robust. Both of these indicators suggest that the selling pressure is not merely temporary but could persist in the near future. Given these conditions, the EURUSD is likely to continue its weakness this evening, especially if prices remain below the broken support area.
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The bearish channel that guides the EURUSD movement on the 15-minute time frame shows that the seller dominance remains strong, with the price structure consistently moving downward. Although the MA had briefly flattened, its direction is still pointing downwards, indicating that the bearish trend remains solid. Meanwhile, the CCI lingering in the overbought territory suggests the possibility of continued selling pressure after a short pullback. With this combination of technical signals, EURUSD has the potential to continue its decline and test the support around 1.15630.
Technical References: Sell while below 1.16125
Potential Stop Loss 1: 1.16010
Potential Stop Loss 2: 1.16125
Potential Take Profit 1: 1.15745
Potential Take Profit 2: 1.15630
