The EURUSD pair encountered a significant barrier at the 1.0840$ level, establishing a robust resistance zone that has tilted sentiment towards a bearish stance. This resistance is compounded by stochastic indicators showing negativity, prompting a cautious approach as the price nears the support base now situated at 1.0795$. Analysts anticipate a potential bearish correction before resuming the upward trajectory, with a pivotal breakthrough above the initial resistance level expected to pave the way towards a target of 1.0915$.
Market outlook suggests a likelihood of positive trading activity in upcoming sessions, contingent upon the ability to sustain above the 1.0795$ support level. However, breaching this support and maintaining a position below could negate the upward momentum, triggering renewed selling pressure.
Expected Trading Range: The anticipated trading range spans from a support level of 1.0730$ to a resistance at 1.0900$.
Trend Forecast: Bullish sentiment persists, pending confirmation of a breakout above 1.0840$ resistance to reaffirm the upward trajectory towards 1.0915$.
This analysis underscores the current dynamics in the EURUSD market, emphasizing key levels and indicators pivotal to traders navigating the currency pair in the near term.
