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The EUR/USD pair experienced negative trading towards the end of last week’s sessions, exerting pressure on the support level of 1.0470 and recording a low of 1.0453.
Technically, the pair is showing attempts at a bullish bounce due to its temporary stability above the strong support at 1.0470. However, the simple moving averages continue to impose downward pressure from above, supported by the negative signals from the Stochastic indicator.
With daily trading remaining below the main resistance at 1.0565, near the 38.20% Fibonacci correction, the bearish trend remains the most likely scenario for the day. A confirmed break below 1.0470 would pave the way for a decline toward 1.0420 and 1.0400.
Conversely, breaching the resistance level of 1.0560 could invalidate the bearish outlook, potentially leading the pair to recover toward 1.0600 and 1.0635, representing the 50.0% Fibonacci correction level.
Warning: The risk level remains high amidst ongoing geopolitical tensions, with heightened market volatility making all scenarios possible.
Risk Alert: Market conditions remain highly uncertain due to ongoing geopolitical tensions, and multiple outcomes are possible.
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