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The EURUSD price loses momentum – Forecast today - 08-04-2024
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The EURUSD price loses momentum – Forecast today - 08-04-2024
Apr 8, 2024 12:25 AM

EURUSD Price Analysis Expected Scenario The EURUSD price returns to test the key resistance 1.084$ after the clear decline that it witnessed in the previous sessions, noticing that stochastic loses the positive momentum clearly, approaching the overbought areas, waiting to motivate the price to resume the expected bearish trend on the intraday basis, which targets testing 1.0765$ as a next station. Therefore, we will continue to suggest the bearish trend for the upcoming period, and breaking the mentioned level will extend the bearish wave to reach 1.0645$ areas on the near-term basis, while holding below 1.0860$ represents major condition to achieve the waited targets. Expected Outcome The EURUSD price is expected to continue its bearish trend, with a potential target of 1.0765$. Breaking below this level could extend the bearish momentum towards 1.0645$ areas in the near-term, provided that the price remains below 1.0860$.

Expected Trading Range Between 1.0750$ support and 1.0900$ resistance.

Trend Forecast: Bearish

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