In yesterday’s trading session, the EURUSD pair closed above the crucial level of 1.0760$, setting a positive tone for today’s market sentiment. The current outlook suggests a bullish bias, indicating a potential intraday uptrend with the aim of recovering recent losses.
The anticipated bullish wave is expected to propel the pair towards achieving positive targets, with initial resistance seen at 1.0795$ followed by 1.0840$. However, it’s imperative to note that sustained consolidation above 1.0760$ is vital to validate this upward trajectory.
Should the pair fail to maintain its foothold above 1.0760$, it could signal a reversal of the expected rise, prompting a downward movement. In such a scenario, the EURUSD price may experience renewed selling pressure, leading to potential declines towards 1.0720$ and subsequently 1.0675$.
Looking at the broader picture, the expected trading range for today remains confined between the support level of 1.0700$ and the resistance level of 1.0850$. Traders are advised to closely monitor price movements within this range for potential trading opportunities.
In conclusion, the trend forecast for the EURUSD pair remains bullish, supported by the current momentum and the potential for further upside movement. However, traders should exercise caution and remain vigilant for any shifts in market dynamics that could alter the trajectory of the pair.
