The EURUSD continues to trade within a prolonged sideways pattern, with early signs of bearish momentum emerging on the daily chart.

Short-term market activity continues to exhibit a sideways trend, oscillating within a range bounded by the closely positioned 55-day and 200-day moving averages at 1.0831 and the 100-day moving average at 1.0871.

Recent sessions have witnessed robust rejections in both upward and downward directions, contributing to a neutral outlook as the currency pair awaits clear directional signals.

While daily indicators present a mixed picture, a bearish divergence in the 14-day momentum and overbought stochastic readings serve as cautionary signs.

A break below the pivotal support at 1.0831 is anticipated to trigger an initial bearish signal, with confirmation sought through an extension below the 10-day moving average at 1.0813.

On the other hand, a sustained breach above the 100-day moving average and the Fibonacci resistance level at 1.0883 (representing the 61.8% retracement of the move from 1.0981 to 1.0724) would indicate a continuation of the bullish trend initiated from the low of 1.0724 recorded on April 2nd.

Res: 1.0871; 1.0883; 1.0820; 1.0942

Sup: 1.0852; 1.0831; 1.0813; 1.0800