The (EURUSD) price continued it downside moves in its last trading on the intraday levels, recording clear negative performance that indicates the continuation of the dominance selling pressure on the price recently.

This bearish action comes with a bearish correctional wave that dominates the price move on the short -term basis, amid the continuation of its trading below EMA50. Forming a negative technical formation the head and shoulders pattern-increased the pressure on the price in the last trading, which represents a confirming signal for a potential return for the downside, especially with the emergence of the negative signals on the (RSI), despite its stability in sever oversold levels.

Therefore, our expectations suggest more of the downside moves in the upcoming intraday trading, to target the initial support level at 1.1260.

The expected trading range is between 1.1260 support and 1.1370 resistance.

Todays forecast: Bearish

Do you need help in trading decisions? Do you want to learn how to start trading?

Join Economies.com VIP Club and benefit from over 15 years of market analysis expertise and get:

Full coverage of commodities such as gold, oil, silver, and more Full coverage of all major forex currency pairs Full coverage of key global indices and stocks Full coverage of major cryptocurrencies and meme coins Accurate analysis and daily updated price forecasts Exclusive and breaking news Reliable trading ranges for effective risk management Comprehensive educational materials, competitions and prizes! Innovative tools to enhance your trading performance Special Offer: Subscribe to the Economies.com VIP channel and get also a free subscription to a trusted trading signals channel provided by Best Trading Signal.

Join Economies.com VIP Club