The EURUSD price is recovering – Forecast today - 18-04-2024

Price Analysis: EURUSD

Expected Scenario

• The EURUSD price found solid support at the 1.0600$ barrier, rebounding bullishly and hinting at an attempt to recover in the upcoming sessions and halt the recent bearish correction. The next main station is targeted at 1.0715$.
• Observing the chart reveals that the mentioned level represents a broken neckline for a double top pattern, with its effect still active, potentially forcing the price to decline again, especially given clear negative signals from technical indicators.
• Therefore, preferring to stay aside until clearer signals for the next trend emerge is advisable. Notably, breaking 1.0615$ will likely push the price to resume the bearish wave, targeting additional negative levels at 1.0520$ and 1.0450$. Conversely, breaching 1.0715$ will halt the negative effect of the mentioned pattern and lead to further gains starting at 1.0795$ and extending to 1.0875$.

Expected Outcome

The expected trading range for today is between 1.0590$ support and 1.0770$ resistance.

Trend Forecast: Neutral