EURUSD Price Analysis: Bullish Momentum Persists Amidst Support Testing

by Daisy

The EURUSD pair experienced a notable test of its bullish channel’s support line recently, with a decisive attempt to breach it on the preceding trading session. However, the day concluded with the daily candlestick maintaining a position above this crucial support level, thus reinforcing the continuation of the bullish trajectory. Analysts anticipate a resurgence in the bullish wave, with the next target poised at $1.1015.

Currently, the stochastic indicator exhibits positive overlaps, signaling a favorable environment for positive trading sessions in the near term. Nevertheless, market observers caution that a breach of the $1.0865 threshold could stymie the anticipated ascent, potentially triggering a corrective bearish phase on an intraday basis.


As traders navigate this dynamic landscape, the expected trading range remains confined between the support level at $1.0830 and resistance at $1.0970.


Trend Forecast: Bullish

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