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06.12.2023 11:52 AM
Forecast :
The EURUSD pair settles around 1.0776 level, and after approaching the waited negative target at 1.0776, the price might head to attempt to build bullish wave on the intraday basis, but it faces intraday negative pressure formed by the EMA100, which makes us prefer to stay aside until we get clearer signal for the next trend.
Note that breaching 1.0833 will push the price to recover and achieve gains that start by visiting 1.0833 level, while breaking 1.0776 support will push the price to suffer additional losses that reach 1.0725 direct.
After falling toward 1.0776 in the early European session on Wendsday, the EUR/USD pair regained its traction and rose above 1.0776, erasing its daily losses in the process. The near-term technical outlook is yet to point to a build-up of bullish momentum as markets await key data releases from the US.
The euro was slightly negative again during the early hours on Tuesday, as we continue to see a significant amount of support holding the market up. The RSI is still above 35.
On the hourly chart, the price spot of 1.0833 remains a significant resistance zone. Therefore, there is a possibility that the EUR/USD pair will move to the downside and the fall structure does not look corrective.
Resistance is seen at the level of 1.0833 today. So, sell below 1.0833 with the first target at 1.0725 to test the weekly support at the same time frame.
In overall, we still prefer the bearish scenario as long as the price is below the level of 1.0833. Furthermore, if the EUR/USD pair is able to break out the bottom at 1.0776, the market will decline further to 1.0725.
However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.0868.
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