The EUR/USD approaches the extended target – Analysis – 13/05/2022

eur-usdThe EURUSD pair continued the strong decline yesterday to break 1.0450 and approaches our extended target at 1.0325, reinforcing the expectations of continuing the bearish trend within the bearish channel that appears on the chart, which has negative targets that extend to 1.0255.

Therefore, the overall bearish trend will remain dominant in the upcoming period, taking into consideration that breaching 1.0450 might push the price to achieve some intraday bullish correction to test 1.0470 areas initially and might extend to 1.0520 before any new attempt to decline.

The expected trading range for today is between 1.0300 support and 1.0460 resistance.

Origin: Economies

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