EURUSD approaches the target – Analysis - 25-07-2016

The EURUSD pair approached from our main waited target at 1.0938, noticing that the EMA50 keeps providing the negative pressure on the price, which hints the chances of breaking the mentioned level and open the way to extend the bearish wave on the short term basis, especially that the price completed forming a symmetrical triangle pattern previously, its signs appear on chart.

Therefore, we expect the continuation of the bearish trend domination on the short term basis, to extend the negative targets towards 1.0778 after succeeding to break 1.0938 level, noting that breaching 1.1067 level will stop the current negative pressure and lead the price for recovery attempts that its main targets begin at 1.1196.

Expected trading range for today is between 1.0800 support and 1.1067 resistance.

Expected trend for today: Bearish