The EURUSD price hits the first target – Forecast today - 06-05-2024
Economies.com
2024-05-06 04:08AM UTC
EURUSD Price Analysis
Expected Scenarios
- The EURUSD price found solid resistance at 1.0795$ level, to show some temporary bearish bias and test the intraday bullish channel’s support line that appears on the chart, noticing that stochastic attempts to get rid of its negative momentum clearly, waiting to motivate the price to resume the positive trades and breach the mentioned level to open the way to head towards 1.0875$ as a next positive target.
- Therefore, we will continue to suggest the bullish trend for the upcoming period, noting that breaking 1.0715$ will stop the expected rise and push the price to turn to decline.
Trading Range for Today
- Support: 1.0700$
- Resistance: 1.0850$
Trend forecast: Bullish
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