EURUSD Price Analysis

The EURUSD price faces negative pressure to break the 1.0715$ level and attempts to hold below it. The recent trades are confined within a minor bullish channel that we believe forms a bearish flag pattern. Breaking 1.0695$ will activate the negative effect of this pattern and push the price to resume the main bearish trend, opening the way to achieve negative targets, starting with testing the 1.0615$ level.

Therefore, a bearish bias will be suggested for today. Consolidating above 1.0695$ and breaching 1.0715$ will stop the expected decline and lead the price to rise again, heading towards visiting 1.0795$ mainly.

Expected Trading Range

• Support: 1.0620$
• Resistance: 1.0770$

Trend Forecast

Bearish

Mccormick & Co’s stock price (MKC) returned higher in the intraday levels, with positive signals from the RSI after reaching overbought levels, amid the dominance of the upward correctional trend in the short term, with positive pressure from the 50-day SMA.

Therefore we expect more gains for the stock, targeting the important resistance of $78.40, provided it settles above the support of $73.80.

Trend forecast: Bullish 

American Eagle Outfitters’ stock price (AEO) rallied in the intraday levels, managing to shake off negative pressure from the 50-day SMA, while trading alongside the main upward medium-term trend line, with positive signals from the RSI despite reaching overbought levels. 

Therefore we expect more gains for the stock, targeting the pivotal resistance of $26.44, provided the support of $21.85 holds on.

Trend forecast: Bullish 

Invesco QQQ Trust’s stock price (QQQ) rose in the intraday levels, amid the dominance of the downward correctional wave in the short term, with negative pressure from the 50-day SMA, while trying to recoup some losses, as it also vents off oversold saturation in the RSI, while dominated by the main upward trend in the medium term.

Therefore we expect the stock to return lower, targeting the support of $416.80, provided it settles below the resistance of $435. 

Trend forecast: Likely Bearish