The EURUSD declined in its recent intraday trading, affected by the continuous negative pressure due to its stability below the EMA50, accompanied with a negative technical formation that completed previously on the short-term basis, which is the rising wedge pattern.
Additionally, the emergence of negative overlapping signals on the (RSI), after reaching exaggerated overbought levels compared to the price movement, reinforcing the possibility for the continuation of the oversold pressure and continuing the bearish correctional movement.
Therefore, our expectations suggest the EURUSD price decline in its upcoming intraday trading, if the price remained below 1.1430 resistance, to target the critical support at 1.1290 as a technical target for the rising wedge pattern.
The expected trading range is between 1.1290 support and 1.1430 resistance.
Today’s forecast: Bearish
Origin: Economies
