EURUSD tests the channel's support – Analysis - 07-02-2017

The EURUSD pair keeps pushing on the critical support levels to test the bullish channel’s support that appears in the image, which located now at 1.0710, noticing that the last trading confined within falling wedge’s pattern that its levels appear in the image, therefore, the price needs to breach 1.0760 to activate the positive effect of this pattern, motivating the price to resume the main bullish trend.

Stochastic shows bullish signals now, which forms positive factor that we wait to assist to breach the above mentioned resistance, therefore, these factors encourage us to keep our bullish trend expectations in the upcoming period, and its main target begin at 1.0852 and extend to 1.0973, being aware that breaking 1.0710 level will stop the expected rise and pushes the price to test 1.0581 levels before any attempt to rise.

Expected trading range for today is between 1.0625 support and 1.0852 resistance.

Expected trend for today: Bullish