EUR/USD Stalls, But Bears Remain in Charge: The EUR/USD price continues to exhibit choppy movement around 1.0830$, lacking a clear directional bias. However, the technical indicators still favor the bears.
Breakdown of Key Points:
- Bearish Trend: The overall trend remains bearish, with the price needing to stay below 1.0860$ for confirmation.
- Targets: 1.0765$ (initial target) and 1.0645$ (extended target) on a confirmed downside break.
Potential Hiccups:
- Stochastic Oscillator: The current positive reading on the Stochastic indicator suggests some potential for further sideways fluctuations before the downtrend resumes.
Supporting the Downtrend:
- EMA50: The 50-day EMA is still acting as support for the decline, indicating underlying bearish momentum.
Trading Range:
- Support: 1.0740$
- Resistance: 1.0890$
Trend Forecast:
- Short-Term: Neutral (due to sideways movement)
- Overall: Bearish (pending confirmation below 1.0860$)