EUR/USD Forecast: Bearish
Key Points:
- Current Price: Hovering around 1.0830$ (as of March 27th, later data may exist)
- Overall Trend: Bearish
- Targets:
- Initial: 1.0765$
- Extended: 1.0645$
- Confirmation of Downtrend: Sustained price action below 1.0860$
- Resistance: 1.0890$
- Support: 1.0740$
- Trend Reversal: Break above 1.0860$ could signal a potential bullish reversal, with an initial target of 1.0960$.
Analysis:
The EUR/USD price is exhibiting a calm bearish bias, gradually moving away from the 1.0860$ level. This reinforces the expectation of a continuing downtrend with initial targets of 1.0765$ and potentially reaching 1.0645$ if the decline continues. The negative pressure from the EMA50 indicator further supports this bearish outlook.
Trading Range: The expected trading range for today is between 1.0740$ (support) and 1.0890$ (resistance).