The EUR/USD pair is currently experiencing slight bearish pressure, indicating its commitment to the ongoing decline on an intraday basis. This scenario is consistent with our bearish trend expectations for today.
The technical indicators continue to show negativity, further reinforcing the bearish stance. As such, we anticipate the pair to continue its downward journey.
In terms of price levels, the next key destinations to watch are 1.0500 and 1.0450, which serve as the primary targets for this bearish movement.
For this bearish outlook to remain intact, it’s crucial for the pair to maintain its position below the 1.0580 level. A decisive breach of this level would likely trigger a bullish reversal and a test of the 1.0640 areas as an initial target.
In summary, the EUR/USD pair remains under bearish pressure, and traders should monitor the 1.0460 support level and the 1.0600 resistance level for potential breakout signals. These levels will play a vital role in determining the pair’s short-term direction.