EURUSD declines strongly – Analysis - 09-12-2016

The EURUSD pair ended yesterday's trading below 1.0685 level after the strong decline that appeared after the ECB president's statement, - the details of the statement through this link -, which puts the price inside the sideways range that its signs appear on chart, which its lines represented by 1.0519 support and 1.0685 resistance.

Therefore, we expect to witness sideways trading in the upcoming sessions until the price manages to breach one of the above mentioned levels, noting that breaking 1.0519 level will push the price to suffer more losses that will target 1.0326 as next main station, while breaching 1.0685 will lead the price to attempt to recover again, to start the positive targets at 1.0778 and extend to 1.0938.

Expected trading range for today is between 1.0500 support and 1.0720 resistance.

Expected trend for today: Sideways