The EURUSD pair experienced a bullish rally that encountered resistance at the 1.1030 level, coinciding with the previously broken neckline of a double top pattern visible on the chart. Subsequently, the price has begun to exhibit bearish rebounding tendencies from this crucial level, hinting at the possibility of resuming a correctional bearish wave and targeting lower levels, possibly reaching 1.0880.
Market analysts anticipate a continuation of the bearish bias in the forthcoming trading sessions, supported by the evident presence of stochastic negativity. It is worth noting that a decisive breach above the 1.1030 mark could disrupt the expected decline and potentially lead the price to regain its main bullish trend.
For today’s trading outlook, experts project a probable trading range between the support level at 1.0900 and resistance level at 1.1050.
In conclusion, the overall trend for today remains bearish, as investors closely monitor the price action to make informed trading decisions.