EURUSD opens negatively – Analysis - 30-05-2017

The EURUSD pair begins today's trading with clear negativity to push on the key support 1.1123, and as we mentioned in our recent reports, the price needs to hold above this level to keep the bullish trend valid on the intraday and short term basis, as breaking this level will push the price to visit 1.0973 before any new positive attempt.

On the other hand, the price completed forming minor double top pattern after breaking 1.1170 level, which threats the above mentioned support, and it might force the price to break this support followed by turning to decline.

Therefore, we prefer to stay aside in order to monitor the price behavior according to the key levels represented by 1.1123 support and 1.1170 resistance, noting that breaching 1.1170 will release the price from the negative pressure that dominates the current trading followed by easing the price mission of heading towards the next main target of the bullish wave at 1.1365.

Expected trading range for today is between 1.1000 support and 1.1270 resistance.

Expected trend for today: Depends on the above mentioned levels