The EURUSD pair rose in its latest intraday trading, successfully breaking the important resistance level of 1.1650, which had been our previous price target. This comes as the pair moves alongside a short-term corrective ascending trendline, supported by continued positive momentum from trading above its 50-day SMA. However, we also note that the RSI indicators have reached extremely overbought levels, which may limit the pair’s upcoming gains.

The pair recorded several negative closes below the broken ascending channel support, which now forms an important barrier at 2.0310, increasing the likelihood of activating the previously suggested bearish scenario. The continued delivery of negative momentum by the Stochastic indicator further intensifies downside pressure on current trades, keeping us awaiting the price’s move toward 2.0160. A break below this level would pave the way for the next support, settled at 2.0065.

However, for the price to regain a bullish direction, it would require the formation of strong upward waves that would enable it to stabilize above 2.0400, a level that has consistently acted as a significant barrier to recent trading attempts.

Expected trading range for today: between 2.0160 and 2.0300

Price forecast for today: Bearish

The pair remains affected by the dominance of a sideways inclination, as it continues to fluctuate repeatedly between the barrier near 181.70, while the 179.40 level forms strong support, reducing the likelihood of triggering a bearish attack. The conflicting signals from major technical indicators also support the continuation of this sideways behavior, leaving us waiting for the price to break one of the key levels to confirm the general direction of the upcoming trades.

We note that if the price succeeds in breaking the current barrier and holding above it, this will confirm its readiness to launch a strong bullish attack, beginning with gains that may start at 182.35 and 182.90, respectively. However, failure to break this barrier will force the pair into negative trading, with a chance of retreating again toward the support of the sideways trend.

Expected trading range for today: between 180.30 and 181.60

Price forecast for today: Sideways, as long as key levels remain intact.

Although the pair has recently lacked bullish momentum, its repeated positive stability above the additional support level at 205.25 strengthens the chances of forming new upward waves. We can now observe its approach toward the first target mentioned in the previous report, located at 206.35.

The price may currently need to engage in some sideways trading until it gathers additional bullish momentum, which would enhance the chances of resuming its upward attempts toward the barrier at 206.90. A successful break above this level would open the door for further gains that may extend toward 208.10.

Expected trading range for today: between 205.55 and 206.90

Price forecast for today: Bullish, as long as support remains intact.