The EURUSD under the negative pressure - 03-02-2023

Economies.com
2023-02-06 03:55AM UTC

The EURUSD pair settles around the EMA50, and we suggest the continuation of the bearish bias to visit the bullish channel’s support line at 1.0830, making the bearish bias suggested for today, noting that breaking this level will extend the bearish wave to reach 1.0745 areas.

 

Therefore, we are waiting for more decline in the upcoming sessions, noting that breaching 1.0940 will push the price to regain the main bullish trend again, and it is important to be cautious during today’s trading, especially at the time of releasing the US economic data, which might cause high volatility for the major currencies’ pairs and commodities.

 

The expected trading range for today is between 1.0800 support and 1.0980 resistance.

 

The expected trend for today: Bearish

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