The EUR/USD currency pair has been trading within a sideways range over recent sessions, oscillating between key levels of support at $1.0806 and resistance at $1.0840. For the bearish correction to continue and for the pair to target further declines, it is essential for the price to breach the support level of $1.0806. A successful break below this threshold could lead to new targets at $1.0774 and potentially $1.0735.
The prevailing bearish trend is expected to persist in the near term, bolstered by the downward pressure exerted by the 50-period Exponential Moving Average (EMA50). This outlook remains valid as long as the price remains below the resistance levels of $1.0840 and $1.0880.
For today’s trading, the anticipated range is between $1.0750 on the downside and $1.0900 on the upside.
