The EUR/USD currency pair has resumed its downward trajectory, reaching the initial target at 1.0700. Presently, the pair exhibits sideways movement as the new trading day begins. Market participants are awaiting a negative catalyst to drive the price lower and revive the bearish momentum, with the subsequent target positioned at 1.0635.
The bearish channel remains the governing structure for the envisaged downward wave. This bearish outlook is further substantiated by the EMA50, which continues to provide support. It is crucial to underscore that the continuation of the bearish trend hinges on the pair’s ability to remain below the key levels of 1.0785 and 1.0815.
Regarding the projected trading range for today, it is expected to span from the support level at 1.0635 to the resistance level at 1.0785. The prevailing trend for today remains bearish.