EURUSD Price Analysis

Expected Scenario: Bearish Trend

• The EURUSD price continues its calm decline, approaching the $1.0765 level.
• This maintains the bearish trend active for the upcoming period.
• Breaking the $1.0765 level will extend the bearish wave towards $1.0645 as the next target.
• The bearish wave is based on the completion of the double top pattern observed on the chart.
• This pattern remains valid unless the price breaches $1.0860 and holds above it.
• Weak trading activity may be witnessed today due to European markets' holidays.

Expected Trading Range for Today

• Support: $1.0700
• Resistance: $1.0850

Trend Forecast: Bearish

Crude oil price breached 82.40$ strongly to rally upwards and approach our waited target at 83.56$, and we expect the continuation of the rise to surpass this level and extend the bullish wave to reach 85.00$ areas on the near-term basis, supported by the EMA50, noting that breaking 82.40$ will stop the bullish rally and push the price to achieve some bearish correction before turning back to rise again.

Gold price rallied upwards strongly to succeed touching our waited target at 2222.86$ and attempts to breach it, to suggest the continuation of the bullish trend domination and head to achieve additional gains that reach 2250.00$ as a next main station, taking into consideration that failing to breach the current areas will push the price to rebound bearishly and might head to test 2166.50$ again before any new attempt to rise.

The EURUSD price provided additional negative trades to reach the thresholds of the first waited target at 1.0765$, waiting for more decline to break this level and confirm targeting 1.0645$ areas as a next main station, reminding you that the continuation of the bearish wave depends on the price stability below 1.0860$.