The EURUSD breaks the support – Analysis - 06-12-2022

The EURUSD pair ended yesterday below 1.0515 level, to hint heading to achieve more decline on the intraday basis, and might head to test the bullish channel’s support line around 1.0395, but notice that the EMA50 continues to support the price from below, while stochastic shows clear oversold signals.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until the price confirms its situation according to 1.0515 level, noting that consolidating below it will press on the price to continue the decline towards the above mentioned target, while breaching it again will reactivate the positive scenario that its next main targets located at 1.0600 and extend to 1.0750.

The expected trading range for today is between 1.0400 support and 1.0600 resistance.

The expected trend for today: Neutral