EURUSD breaks the support – Analysis - 08-02-2017

The EURUSD pair ended yesterday’s trading below 1.0731 level, which turns the intraday track to the downside after confirming breaking the bullish channel’s support that appears in the image, to head towards testing 1.0581 levels mainly.

Therefore, the bearish bias will be preferred in the upcoming sessions unless breaching 1.0731 level and holding above it again, pointing that the expected decline is temporary, waiting for bouncing higher after testing the above mentioned target, while it is important to take into consideration that breaking 1.0581 will put the price under more of the negative pressure on the short term basis, to extend the pair’s losses towards 1.0339.

Expected trading range for today is between 1.0581 support and 1.0750 resistance.

Expected trend for today: Bearish