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EUR/USD Price Faces Bearish Pressure, Eyes Key Support at 1.0220

by Daisy

The EUR/USD currency pair remains confined within a narrow range, hovering around the 50-period Exponential Moving Average (EMA50). Stochastic indicators are showing signs of losing their positive momentum, suggesting that the pair may resume its bearish trend in the near future. A break below the 1.0220 support level would open the door for further declines, with 1.0100 as the next major target.

It is important to note that if the price breaches the 1.0325 resistance level, the bearish outlook would be invalidated, potentially triggering a short-term bullish correction.

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For today, the expected trading range is between the 1.0210 support and the 1.0365 resistance levels.

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Trend forecast: Bearish

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