Despite the pair’s price repeatedly holding above the support level at 174.90, the prevailing negative factors, including the continued formation of additional resistance at 177.80 and the main indicators providing negative momentum, increase the chances of renewed bearish attempts, with the price currently trading around 175.60.

 

To confirm the bearish outlook for the upcoming period, we recommend waiting for the price to break below the aforementioned support and close negatively beneath it. This would open the way toward new bearish targets, starting at 174.55 and 173.95. However, breaking above 177.80 would invalidate the current bearish scenario, giving the price an opportunity to form strong bullish corrective waves that could target 179.25, followed by the resistance level around 180.80.

 

The expected trading range for today is between 175.00 and 176.55

 

Trend forecast: Sideways