EURUSD recovers – Analysis - 16-02-2017

The EURUSD pair rallied to the upside strongly yesterday after approaching from 1.0500 barrier, to breach 1.0581 level and the minor bearish channel’s resistance that appears in the image and settles above it, which stops the suggested negative scenario in the last reports and leads the price to regain the short term bullish track, where the mentioned channel forms bullish flag pattern that we expect to motivate the price to achieve more of the gains in the upcoming period.

Therefore, the bullish trend will be preferred for today, and breaching 1.0640 level will ease the price mission to head towards the positive targets that begin at 1.0731 and extend to 1.0852, being aware that breaking 1.0581 will put the price under the negative pressure.

Expected trading range for today is between 1.0550 support and 1.0731 resistance.

Expected trend for today: Bullish