EURUSD needs confirmation signal – Analysis - 26-08-2016

The EURUSD pair could not manage to hold for long time below 1.1270 level, to close the daily candlestick above this level leaning on the EMA50, which hints the price attempts to resume the bullish trend inside the bullish channel that appears on chart, but the price needs to breach 1.1356 level to confirm the continuation of rising on the short term basis, which makes us stay aside temporarily until we get clearer signal for the next trend.

The next destination depends on surpassing one of the next key levels represented by 1.1270 support and 1.1356 resistance, as breaching this resistance represents the key to resume the main bullish track that its next target located at 1.1615, while breaking the support forms negative factor that will push the price to test 1.1196 level initially.

Expected trading range for today is between 1.1150 support and 1.1400 resistance.

Expected trend for today: Depends on the above mentioned levels