The EURUSD hits the target – Analysis - 11-08-2022

The EURUSD pair found solid resistance at 1.0355 level, as this level met the main bearish channel’s resistance that appears on the chart, which pushed the price to rebound bearishly, hinting the attempt to resume the trading inside the mentioned channel, but it faces solid support at 1.0278 now, getting positive support by the EMA50.

Therefore, the contradiction between the technical factors makes us prefer to stay aside until we get clearer signal for the next trend, noting that the continuation of the negative pressure and breaking 1.0278 support will push the price to continue the decline and achieve negative targets that start at 1.0200 followed by 1.0100, while breaching 1.0355 resistance represents the key to rally towards 1.0450 direct.

The expected trading range for today is between 1.0190 support and 1.0360 resistance.

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The expected trend for today: Depends on the above mentioned levels