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The EURUSD price breaks the support – Forecast today - 08-05-2024
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The EURUSD price breaks the support – Forecast today - 08-05-2024
May 7, 2024 9:24 PM

EURUSD Price Analysis Outlook and Forecast for Current Trading Sessions Expected Scenario EURUSD price ended yesterday negatively, breaking the intraday bullish channels support line Settles below it, hinting at a potential turn to decline in upcoming sessions Targeting testing 1.0715$ level initially, with additional negative targets at 1.0615$ upon breaking Bearish bias suggested for today, with consolidation of 1.0715$ level stopping expected decline The EURUSD price ended yesterday negatively, breaking the intraday bullish channels support line and settling below it, which hints at a potential turn to decline in upcoming sessions. The initial target is testing the 1.0715$ level, with additional negative targets at 1.0615$ upon breaking.

Therefore, a bearish bias is suggested for today, with the consolidation of the 1.0715$ level against the current negative pressure stopping the expected decline.

Expected Trading Range Support: 1.0650$ Resistance: 1.0800$ Trend Forecast: Bearish

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