The EUR/USD pair stabilized lower during its intraday trading, relying on the key support level at 1.0820. This level represents the neckline of a double top pattern formed on the short term, influenced by bearish pressure as the pair trades below its 50-day simple moving average, and by breaking a short-term ascending trendline.
Accordingly, our forecast indicates a decline for the EUR/USD, especially if it breaks below the 1.0820 support, then immediately targeting the first support level at 1.0765.
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