The EURUSD currency pair is currently experiencing downward pressure as volume indicators reveal a weakness, signaling a decline in buying interest for this pair. Moreover, the descending Moving Average (MA) further reinforces the bearish signals, indicating that the downward trend is likely to persist. When prices fall below the MA, it illustrates a dominance of selling pressure, increasing the likelihood of a further decline towards the next support level.
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EURUSD has breached the lower boundary of the bullish channel, signaling a potential trend reversal toward a bearish direction. Selling pressure has intensified after the price was unable to maintain its upward momentum, while the Moving Average (MA) has started to tilt downwards, confirming the bearish signal. If selling pressure continues and prices stay below the breakdown area, EURUSD may face a deeper decline toward the support level of 1.07935.
Technical Reference: sell while below 1.09060
Potential Stop Loss 1: 1.08850
Potential Stop Loss 2: 1.09060
Potential Take Profit 1: 1.08185
Potential Take Profit 2: 1.07935
