The EURUSD pair remains under pressure in its latest intraday trading, preparing to break below the key support level at 1.1530. Negative signals have started to emerge again from the relative strength indicators after the pair managed to relieve its oversold conditions, increasing the downside pressure, particularly as the pair continues to trade below EMA50, reinforcing the stability and dominance of the short-term corrective bearish trend.
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The pair ended its corrective bullish rebound after encountering resistance near 0.8605 and stabilizing below it, maintaining its overall movement within the bearish channel shown on the attached chart.
MoreThe pair attempted to benefit from the Stochastic indicator’s move out of oversold territory by forming some corrective bullish waves, with the price currently fluctuating near 178.55. This rebound does not pose any threat to the bearish scenario, supported by the stability of the key resistance at 180.80, in addition to the formation of 179.45 as an additional barrier against further bearish trading.
MoreThe pair’s bearish outlook remains unchanged despite forming some recent bullish waves and stabilizing near 205.60, as it continues to hold below the key resistance at 210.40. The conflicting signals from the main indicators may force the price to extend its mixed trading, with a possibility of retesting the resistance in the near term.
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