The EURUSD price activates the negative pattern – Forecast today - 01-05-2024

EURUSD Price Analysis

Expected Scenario

• The EURUSD price confirmed breaking the bearish flag pattern’s support line to activate the negative effect of this pattern and get negative motive that supports the expectations to decline in the upcoming sessions, and the way is open to achieve our waited target at 1.0615$, noting that breaking this level will extend the bearish wave to reach 1.0520$ as a next station.
• Therefore, we will continue to suggest the bearish trend on the intraday basis, supported by the negative pressure formed by the EMA50, taking into consideration that breaching 1.0715$ will stop the expected decline and lead the price to start new recovery attempts.

Expected Trading Range

Between 1.0570$ support and 1.0720$ resistance.