On Thursday, the EURUSD rose past the 1.0775 intraday high, as previously forecasted. Currently, it is trading near the 1.0762 mark. A bearish turnaround is likely to happen from the 1.0760-1.0800 region, as the bears are expected to take charge again.
It is possible that the rally in EURUSD, which began from 0.9535 in September 2022, has reached its end. A powerful low around 0.9535 may stay unchanged in the coming months. As the rate nears a solid resistance level near 1.0800, it is likely to drop back to the 1.0300-50 area, the initial Fibonacci retracement of the move between 0.9535 and 1.0775.
Going forward, the EURUSD is supported at 1.0481, and resistance is found near 1.0800. Therefore, it appears that the bears will soon regain control, and traders will be paying close attention to what happens at the 1.0800 mark. If the price dips below 1.0481, traders may decide to open new short positions, indicating that a new high has been reached.
A Suggestion for Trading:
A possible downturn could be witnessed against 1.0900.