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EURUSD Faces Bearish Pressure as Stochastic Signals Negative Bias

by Daisy

The EURUSD pair saw an upward movement, breaching the $1.0720 mark recently. However, early trading today reveals a bearish inclination influenced by stochastic indicators showing clear negativity. This suggests a potential resumption of the bearish trend on an intraday basis, with initial targets set at $1.0675 and subsequently at $1.0600.

Market analysis supports a bearish outlook in the near future, bolstered by the persistent negative pressure indicated by the EMA50, unless a substantial rally manages to breach the resistance at $1.0795 and sustain above it.

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Projected Trading Range and Trend Forecast

Projected support lies at $1.0640, while resistance is anticipated near $1.0780. The overall trend forecast remains bearish, contingent upon the prevailing technical signals and price behavior in the coming sessions.

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