The EUR/USD currency pair has found strong support at the 1.0700 level and is currently displaying slight bullish momentum. This positive movement is influenced by the stochastic oscillator’s recent uptick. There is a possibility that the pair could advance to test the key resistance level at 1.0785 before resuming its decline.
The overall bearish trend remains intact, with the bearish channel continuing to guide the primary downward movement. This bearish scenario is further supported by the presence of the EMA50. Therefore, the bearish trend is expected to persist in the near future unless the price manages to break above 1.0785 and hold above it. In such a case, the next major target would be around 1.0635.
Traders should consider a trading range for today, with support at 1.0635 and resistance at 1.0785.
In summary, the EUR/USD pair has shown signs of recovery after finding support at 1.0700. However, the overall trend remains bearish, and any bullish move would need to breach and hold above 1.0785 to potentially change the outlook.