In the latest analysis of the EURUSD pair, it is observed that the price has retraced to test the previously breached support line of the bullish channel, resulting in a bearish rebound. Notably, the price has commenced clear downward movements, breaching the 23.6% Fibonacci correction level. This development supports the anticipation of sustained bearish correction in the forthcoming sessions.
The projected trajectory indicates potential targets at $1.0780 followed by $1.0713 levels as primary stations for the bearish momentum. Additionally, the Stochastic oscillator manifests negative overlaps, reinforcing the inclination towards further bearish bias in upcoming sessions. However, it’s imperative to note that a breach above $1.0850 would interrupt the envisaged decline, potentially redirecting the price towards a bullish trajectory once again.
In terms of trading range expectations, the anticipated range lies between the support level at $1.0730 and resistance at $1.0870.
Trend Forecast: Bearish
In summary, the EURUSD pair is expected to sustain its bearish momentum, with downward movements likely to persist in the near term. Traders are advised to monitor key support and resistance levels closely for potential reversal signals amidst the prevailing market dynamics.
