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The EUR/USD pair experienced negative trading in yesterday’s session, following a gradual bearish trend toward the targeted level of 1.0640, ultimately reaching its lowest point at 1.0664.
From a technical analysis perspective, a pessimistic outlook is maintained, supported by sustained daily trading below the robust resistance level at 1.0760, marked by the 38.20% Fibonacci retracement. Additionally, the Stochastic indicator continues to generate negative signals.
The pair is anticipated to resume its downward trajectory, aiming for the initial target outlined in the previous analysis, with the objective of retesting 1.0640 and subsequently 1.0610 before considering any upward movement.
In the event of an upward breakout and consolidation above 1.0760, the bearish scenario would be invalidated, leading to a potential recovery in the pair. Targets for such a reversal would commence at 1.0800 and could extend further to 1.0840.
It’s essential to note that high-impact events, including press talks by Federal Reserve Governor Jerome Powell and the Bank of England Governor mark today’s trading session. Consequently, traders should brace for increased price volatility during these events.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
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