EURUSD retests – Analysis - 09-02-2017

The EURUSD pair approached from retesting the previously broken level at 1.0731 and kept its stability below this level, where the EMA50 meets this level to strengthen it, accompanied with stochastic reach to the thresholds of the overbought levels and its approach from providing negative overlapping signal on the four hours' time frame.

Therefore, these factors encourage us to keep preferring the bearish trend in the upcoming session, which targets testing 1.0581 level mainly, and monitoring the price behavior when reaching any of the mentioned levels, where breaking the targeted level will extend the losses to reach 1.0339 as a next main station, while breaching 1.0731 will stop the current negative pressure and leads the price to regain its bearish correctional track.

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

Expected trend for today: Bearish