EURUSD under the negative pressure – Analysis - 23-04-2018

The EURUSD pair confirmed breaking 1.2304 level after ending last week below it, to test the symmetrical triangle’s support line that appears on the chart, noticing that the price falls under the negative pressure formed now by the EMA50, while stochastic provides positive signals on the four hours’ time frame.

Therefore, this contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, waiting to breach one of the mentioned triangle’s lines represented by 1.2240 support and 1.2360 resistance to detect the next targets, noting that breaking the mentioned support will push the price to visit 1.2160 level direct, while breaching the resistance will reactivate the main bullish trend scenario that its next target located at 1.2536.

Expected trading range for today is between 1.2160 support and 1.2380 resistance.

Expected trend for today: Depends on the above mentioned levels