EURUSD attempts to recover – Analysis - 29-12-2016

The EURUSD pair trades positively after touching 1.0370 yesterday, to approach from testing the EMA50 again, which continues to form negative pressure against the intraday and short term trading, noting that stochastic positivity interprets the reasons of the current rise.

In general, the main bearish trend scenario still valid and active in the upcoming period unless breaching 1.0519 level and holding above it, as breaching this level represents the first key to turn the short term trend to the upside, noting that the expected bearish wave targets start at 1.0326 and extend to 1.0160.

Expected trading range for today is between 1.0326 support and 1.0519 resistance.

Expected trend for today: Bearish