The EUR/USD currency pair is currently facing significant downward pressure, testing the support line of its bullish channel and attempting to confirm a break. This suggests the possibility of a bearish correction on an intraday basis, with the first target at $1.1040.
At this point, it is advisable to remain cautious until the price action around the $1.1100 level is confirmed. A sustained move below $1.1100 would activate the bearish correction scenario, potentially driving the price down to $1.0990 after surpassing the initial target. Conversely, if the price moves back above $1.1100, it could reactivate the bullish trend, with targets extending to $1.1200 and $1.1300.
Today’s anticipated trading range is between $1.1020 and $1.1160.
Trend Forecast: Neutral
