The EUR/USD currency pair is showing new positive momentum, approaching the 1.0400 level once again. This development warrants caution in the upcoming trades. If the price continues to rise and breaks above the 1.0420 level, followed by a move beyond 1.0475, it will invalidate the current bearish outlook and potentially initiate a bullish trend on an intraday basis.
However, for the bearish trend to remain intact, the price needs to break below 1.0333, which would confirm further downward movement towards the next key target at 1.0250.
Expected Trading Range:
Support: 1.0275
Resistance: 1.0420
Trend Forecast: Bearish
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