EURUSD tests the key support – Analysis - 09-01-2017

The EURUSD pair couldn’t settle for long time above 1.0581 level, to trade negatively and retest the most important support at 1.0519, which represents a protection factor for the continuation of the suggested bullish trend scenario in our last reports, where the EMA50 meets this level to strengthen it, while stochastic shows clear oversold signals now.

Therefore, these factors encourage us to keep preferring the bullish trend in the upcoming period, and the targets begin by surpassing 1.0581 level to confirm the continuation of the bullish trend in the upcoming period, and the targets begin by surpassing 1.0581 level to confirm opening the way towards 1.0731, being aware that breaking 1.0519 level will stop the positive expectations and pushes the price to decline again.

Expected trading range for today is between 1.0435 support and 1.0650 resistance.

Expected trend for today: Bullish