The EURUSD currency pair is currently experiencing fluctuations around the 1.0785 level. It is worth noting that the stochastic indicator has recently registered negative overlap, a development that could serve as a catalyst for a resumption of bearish movements. The subsequent target in this scenario is identified at 1.0700.
The EMA50 (Exponential Moving Average 50) continues to exert downward pressure on the price, reinforcing the prospect of a sustained bearish trend. It is crucial to underscore that failing to establish consolidation beneath 1.0785 could potentially prompt the price to achieve intraday gains, with an initial objective of testing 1.0880 before any subsequent attempts at a decline.
For today’s trading session, the projected trading range is expected to span between the support level at 1.0695 and the resistance level at 1.0845.
In summary, the EURUSD currency pair has received a bearish signal, as reflected by fluctuations around the 1.0785 level and the emergence of negative overlap in the stochastic indicator. This development positions the pair for potential bearish movements targeting 1.0700. The EMA50 further underscores the bearish outlook. However, it is essential to remain vigilant, as a failure to consolidate below 1.0785 may lead to intraday gains, with an initial focus on 1.0880.