EURUSD attempts to recover – Analysis - 21-12-2016

The EURUSD pair recorded 1.0351 level as yesterday's bottom and bounced bullishly from there to fluctuate above 1.0400 level again, noticing that stochastic loses its positive momentum clearly to reach the overbought areas, which forms negative factor that we expect to push the price to resume the main bearish trend, moving inside that bearish channel that appears on chart.

Therefore, we will continue to suggest the bearish trend in the upcoming sessions, supported by the continuous negative pressure provided by the EMA50, waiting to test 1.0326 followed by 1.0240 levels mainly, reminding you that breaching 1.0519 level will stop the suggested bearish wave and push the price for recovery attempts on the longer term basis.

Expected trading range for today is between 1.0300 support and 1.0500 resistance.

Expected trend for today: Bearish