The EURUSD pair concluded trading yesterday below the critical level of 1.0720$, with downward pressure sustained by the EMA50 indicator. This setup signals a continuation of the bearish momentum towards anticipated downside targets, commencing at 1.0675$ and potentially extending to 1.0600$.
While the current Stochastic indicator shows some temporary bullish sentiment, it is expected to provide only a brief respite before the dominant bearish trend resumes. This outlook remains valid unless there is a significant rally above the resistance level at 1.0795$, accompanied by sustained price action above this threshold.
Expected Trading Range:
Market analysts project a trading range between the support level at 1.0640$ and the resistance level at 1.0790$.
Trend Forecast:
Overall sentiment leans strongly bearish, with expectations of further downward movement in the EURUSD pair.