The EURUSD pair concluded yesterday’s trading session on a negative note, signaling a clear downturn by breaching the crucial support level of 1.0760$. This breach underscores the potential for further downward pressure in the upcoming sessions. Initial targets for this bearish momentum include breaking below 1.0720$, which would confirm the continuation of the downward trajectory towards 1.0675$ and subsequently to 1.0600$ levels.
Consequently, the near-term outlook suggests a prevailing bearish bias on an intraday basis. However, it’s noteworthy that a reversal of this downward trend could materialize if the pair manages to breach the resistance levels at 1.0760$ and 1.0795$. Such a scenario would indicate a shift in sentiment and potentially pave the way for a return to a bullish trajectory.
In terms of expected trading range, investors should monitor levels between the support at 1.0660$ and the resistance at 1.0800$. These boundaries are likely to dictate the near-term price action, offering potential entry and exit points for traders navigating the current market conditions.
Overall, the trend forecast for the EURUSD pair remains bearish, as indicated by recent price movements and the prevailing market sentiment. Investors are advised to remain vigilant and responsive to evolving market dynamics as they position themselves within this fluctuating landscape.
