EUR/USD currency pair analysis

The EUR/USD pair was able to break the support level 1.0475, thus starting the descending path towards the support level 1.0400, which is likely to continue the bearish scenario provided that trading remains below the support level 1.0475.

The price is currently forming a rebound upward movement, as a result of the positive signal that comes from the stochastic indicator, which will reach the broken support level before the price returns to the bearish movement.

We are waiting for more expected decline on the intraday basis unless the price rushes to breach 1.0550 and stabilize above it.

The expected trading range for today is between the support 1.0360 and the resistance 1.0500.

Support: 1.0420—1.0375—1.0330.

Resistance: 1.0475—1.0510—1.0550.

The forecast general trend for today: bearish.

Author: GC
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