EURUSD approaches the target – Analysis - 21-02-2018

The EURUSD pair settles near 1.2300 level, which represents key support line as appears on the chart, noticing that stochastic shows oversold signals to support the strength of the mentioned support level, but on the other hand, the EMA50 forms negative pressure against the price and might cause a break to this support and extend the bearish wave on the short term basis.

Therefore, we prefer staying aside temporarily until we get clearer signal for the next trend, noting that breaking 1.2300 support will push the price to target 1.2226 direct, while breaching 1.2390 will lead the pair to resume the main bullish trend that its next main target located at 1.2536.

Expected trading range for today is between 1.2226 support and 1.2420 resistance.

Expected trend for today: Depends on the above mentioned levels