The EUR/USD pair has resumed its downward trajectory after a brief attempt to breach the $1.0760 level yesterday. Currently, the pair is testing the 50-day Exponential Moving Average (EMA50), which provides minor support at $1.0720. A break below this support is anticipated to pave the way for further declines, targeting $1.0675 initially and extending down to $1.0600.
As a result, we maintain our bearish outlook for the EUR/USD in the near term. However, it is important to note that a successful breach of the $1.0760 resistance level could halt the expected downtrend, potentially pushing the pair towards gains up to $1.0840.
Expected Trading Range
Support: $1.0650
Resistance: $1.0800