EURUSD tests the moving average – Analysis - 19-01-2017

The EURUSD pair bounced bearishly after approaching from 1.0731 level, to test the EMA50 that forms intraday support base at 1.0615, providing positive factor that protects the continuation of the recently suggested positive scenario, organized inside the bullish channel that appears on chart, noticing that stochastic shows clear oversold signals now.

Therefore, these factors encourage us to continue suggesting the overall bullish trend in the upcoming period, reminding you that holding above 1.0581 level represents the most important factor to continue the suggested rise, while the positive targets begin at 1.0731 and extend to 1.0852.

Carefully note that breaking 1.0581 and holding below it will push the price to return to the general bearish trend and stop the correctional bullish wave that started from the recently recorded low at 1.0339.

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

Expected trend for today: Bullish