The EURUSD price breaks the support – Forecast today - 08-05-2024

EURUSD Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• EURUSD price ended yesterday negatively, breaking the intraday bullish channel’s support line
• Settles below it, hinting at a potential turn to decline in upcoming sessions
• Targeting testing 1.0715$ level initially, with additional negative targets at 1.0615$ upon breaking
• Bearish bias suggested for today, with consolidation of 1.0715$ level stopping expected decline

The EURUSD price ended yesterday negatively, breaking the intraday bullish channel’s support line and settling below it, which hints at a potential turn to decline in upcoming sessions. The initial target is testing the 1.0715$ level, with additional negative targets at 1.0615$ upon breaking.

Therefore, a bearish bias is suggested for today, with the consolidation of the 1.0715$ level against the current negative pressure stopping the expected decline.

Expected Trading Range

1. Support: 1.0650$
2. Resistance: 1.0800$

Trend Forecast: Bearish