EURUSD attempts to recover – Analysis - 14-08-2017

The EURUSD pair ended last Friday's trading with clear positivity after 23.6% Fibonacci correction level proved its strength as support barrier against the price recent negative attempts, hinting the price attempt to regain the main bullish trend again, but it needs to breach 1.1855 level to confirm the continuation of the rise followed by heading towards achieving positive targets that start at 1.1911 and extend to 1.2040.

On the other hand, stochastic shows clear overbought signals accompanied by the price reach to the current resistance barrier, which might push the price to rebound bearishly and resume the correctional bearish trend again, noting that breaking 1.1724 will confirm extending the correctional bearish trend to reach 1.1608 as a next main station.

Therefore, the contradiction between the technical factors makes us prefer staying aside temporarily until we get clearer confirmation signal for the next trend, which we will get through breaching 1.1855 resistance or breaking 1.1724 support.

Expected trading range for today is between 1.1724 support and 1.1950 resistance.

Expected trend for today: Depends on the above mentioned levels