The EURUSD pair is currently positioned around the critical 1.0900 barrier, with the EMA50 acting as a persistent obstacle to the upward movement. Notably, the stochastic indicator has shed its negative momentum, approaching oversold areas. This development is anticipated to serve as a catalyst, motivating the price to resume the expected bullish trend in the upcoming period, with the awaited target set at 1.0960.
The key factor for the continuity of the anticipated rise lies in the pair holding above the 1.0860 level. A breach of this level would rekindle the negative implications of the head and shoulders’ pattern evident on the chart, potentially leading the price to visit 1.0765 initially.
Today’s projected trading range is expected to oscillate between the support level at 1.0830 and the resistance at 1.0980. These levels serve as crucial benchmarks for traders monitoring the EURUSD pair, providing insights into potential price movements.
In summary, the anticipated trend for today is bullish, underpinned by positive momentum, favorable stochastic indicators, and the potential for a resumption of the upward trajectory, contingent on the pair maintaining a position above the pivotal 1.0860 level.